Sweden pledges extra $19m in Loss and Damage Fund
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CIB on FTSE4Good sustainability index for fifth year
The Commercial International Bank (CIB) announced that it was selected to be on FTSE4Good index for the fifth straight year due to its commitment to international sustainability standards.
FTSE4Good is a series of benchmark and tradable indexes for Environmental, Social and Governance investors which was launched in 2011.
CIB Board Chairman Hisham Ezz el Arab said placing CIB on the FTSE4Good index crowns the bank’s commitment to launching initiatives promoting international investment drive towards sustainability.
Ezz el Arab said the bank – which is one of the largest private bank in Egypt – is keen on contributing to narrowing the financing gap that could hamper sustainable development in Egypt.
Serving this end, the bank has established a green financing department which allocates funds for projects aiming at improving the efficiency of renewable energy projects.
The bank has stepped up efforts to promote the banking principles focusing on developing the concept of inclusive economy via entrenching the sustainable financing sector – which is nascent in the Egyptian market.
The bank is also committed to merging sustainability into its strategy, he said, noting that the bank is also seeking to digitalize its systems in addition to reducing its carbon footprint.
Meanwhile, Head of the CIB sustainability sector Dalia Abdel Qader said the bank is adjusting its working mechanism with the United Nations Sustainable Development Goals (SDGs) in addition to enhancing eco-friendly practices.
The bank is seeking to promote low-carbon economy.
She added that the CIB is among the 30 founding banks of the United Nations Environment Program Finance Initiative (UNEP FI) Principles for Responsible Banking.
The bank has cherished sustainability since 2013. In 2019, the bank won the Euromoney award for Corporate Social Responsibility (CSR).
Moreover, the bank has recently issued its fifth sustainability report.
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