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The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
CIB on track to be first green bank in Egypt
The Commercial International Bank (CIB) is implementing a multi-axes plan to become the first green bank in Egypt, including digital transformation, merging climate risk into the bank’s risk management, and expansion of clients’ financing in low-carbon sectors, according to a recent report by the bank.
The growth of digital transactions saved up to EGP 4.7 billion in the first nine months of 2023.
The digital transactions hit EGP 1.6 trillion in the first nine months of 2023, marking an annual growth of 93 percent.
The bank is implementing a sustainable financing plan and a high-efficiency operation management as per environmental dimensions.
The bank is currently working on launching a framework of the climate change risks, which will be integrated into the bank’s risk management framework.
The bank also works on developing analytical scenarios of climate change and its impact on green transition.
The bank’s major investments include green bonds that contribute to cutting carbon emissions by 2,884 tons, saving 5,900 cubic meters of water and 7.5 million kilowatts/hour and water treatment of 12.7 million cubic meters annually.
The bank offers financing via 12 sustainable products, the report said, noting that the bank is committed to financing projects adhering to low-emission goals.
The bank is also committed to financing renewable energy and green building projects in addition to helping clients for green transition.
The bank is implementing three recycling projects, including recycling of shredded ATMs, bank account sheets and electronic devices.
In 2022, the bank recycled 44,000 shredded ATMs, representing about 5% of the total cards issued by the bank during this year.
In March 2022, the bank announced collaborating with Bekia, an Egyptian startup specializing in waste management, to collect and recycle shredded cards.
CIB is the first bank in Egypt to adopt a sustainable card disposable solution by recycling shredded cards.
This falls within the bank’s steps towards implementing its decarbonization action plan and decreasing its environmental footprint and support the green transition.
The bank also recycled 6.85 tons of bank statement sheets in 2022 within the framework of CIB’s responsible waste management.
As for e-recycling, the bank also recycled about 10.500 units to reduce pollution, energy consumption.
In 2021, CIB was also the first Egyptian bank to issue a certified green bond, with a subscription value of $ 100 million, after receiving approval from the Financial Regulatory Authority.
Proceeds of the five-year bond were used to fund a portfolio of green loans extended by CIB to its corporate as well as medium- and small-enterprise clients in addition to funding CIB’s green building capital expenditure for up to 20% of the proceeds.
The bond proceeds were further directed to various categories of climate supporting initiatives, including green buildings, energy efficiency, renewable energy, water and wastewater management and clean transportation. The issuance was part and parcel of CIB’s mission to support clients looking to make sustainable investment choices and would also entrench the cost of environmental impact into the fabric of its credit policy and decision making with respect to lending and investment decisions.
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