CIB Celebrates Four-Year PRB Membership and Publishes Third PRB Report

CIB Egypt, the largest private sector bank in Egypt, celebrated 4 years since becoming one of the founding banks of the Principles for Responsible Banking (PRB). 

As a representative for the Middle East and North Africa region, CIB has received widespread support from investors, clients, and financial professionals, considering it the gold standard for sustainable financing practices. 

Through 6 distinctive principles, this initiative aims to guide financial institutions in integrating sustainability practices while reducing environmental and social impacts. CIB has issued reports in alignment with these principles for three consecutive years, with the latest version covering 2022.

 These reports allowed CIB to address climate and financial inclusion as urgent matters, shaping its credit portfolio and national and global initiatives. Business sectors, departments, and relevant roles within the bank have collaborated to mitigate these impacts, setting goals for sustainable growth in these areas.    Hussein Abaza, CIB's CEO and Managing Director, stated that since becoming one of the founding signatories of the Principles for Responsible Banking in 2019, this initiative has provided guidance for CIB, accelerating their transformation and enhancing their reporting practices while identifying their impact on the environment and society.   Dalia Abdel Kader, Head of Sustainable Finance at CIB, emphasized the initiative's vital role in driving sustainable growth for financial institutions in the region. She highlighted the urgent need for banks to work collectively towards a common goal, reducing their environmental and social impact while maintaining profit growth.

 Abdel Kader added that these principles supported the bank in developing a more resilient business model in the face of climate change, transparently reporting their progress in this field. The bank will continue aligning its operational goals with the core objective of responsible banking principles: growth, while securing environmental and social needs for future generations.