Commercial International Bank, Sustainable Finance Pioneer

More than a decade ago, Commercial International Bank - Egypt rested on the throne of financial sustainability, marked by its firm commitment to achieving a balance between profitability and environmental and societal impact, through its sustainable initiatives and green finance, not only the Bank's influence at the local level, but also the African continent.

Through its CIB KENYA LIMITED, which is fully owned by the Bank, CIB strengthens its leadership role as a member of the Advisory Board of the Glasgow Financial Alliance for Net Zero Emissions, the Bank contributes to capacity-building and support to financial institutions across the continent to develop sustainable financing strategies

This was revealed by a new monitoring conducted by First Bank of the most prominent international commercial efforts in this file, where in 2017 the Bank released its first carbon footprint measurement report, followed by the launch of the Consolidated Carbon Footprint Report in all its branches by 2018.

The Bank continued to strengthen its environmental efforts by issuing the environmental footprint in 2021, becoming the first bank to join Egypt's "Climate Financial Disclosure Framework". In the same year, the Bank launched its first green bond in Egypt, reaffirming its commitment to reducing carbon emissions from its operations.

CIB participated in a number of international initiatives and conferences, most notably the Sharm el-Sheikh Climate Summit in 2022, as well as a summit convened by the International Finance Institute to discuss sustainable financing in emerging markets

In 2023, the Bank continued to support regional climate action through its participation in the United Nations Climate Change Conference in the UAE and collaborated with the World Economic Forum in a panel discussion entitled "Accelerating climate action in the Middle East and North Africa", in order to strengthen its role in addressing environmental challenges

The Bank provided a range of climate finance solutions in the green building sector, as well as technical support in collaboration with the International Finance Corporation to enable customers to access green building accreditation. These initiatives aim to drive momentum towards a low-carbon economic transition and strengthen the role of banking institutions in laying the foundations for the region's green economy

The Bank also signed several landmark agreements, most recently worth $ 100 million for 7 years with the International Finance Corporation to fund a range of projects including water treatment, water efficiency, green buildings, renewable energy sources and sustainable agriculture projects.

The Bank's efforts did not stop there; Last June, he announced the launch of a new "Sustainable Finance Loan" targeting SMEs

This loan is one of the fruits of cooperation between the German Agency for International Cooperation and the Frankfurt School, focusing on product development and capacity-building for sustainable development.

The loan targets a variety of sectors, including textile, plastic, food and beverages industries, and this funding programme provides significant incentives from IFIs up to 10% - 25%

These efforts culminated in the Bank receiving several international awards, most notably "Best Bank for Sustainable Finance in Emerging Markets" from Africa, and "Best Bank for Sustainable Finance in Egypt" for 2024 from Global Finance, in recognition of its commitment to provide innovative financing solutions that support sustainable development.