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IFC, Banque du Caire team up to back decarbonizing Egypt’s economy
The International Finance Corporation (IFC) is partnering with Banque du Caire to develop a climate finance strategy that will help protect the bank from climate risks, invest in green activities, and support the decarbonization of Egypt’s economy.
With 95 percent of Egyptians living on roughly 5 percent of the country’s land near bodies of water, Egypt is highly vulnerable to the impacts of climate change including water scarcity, droughts, rising sea levels, and extreme weather.
To support the move to a greener, climate-resilient economy, the government of Egypt in June 2023 updated its Nationally Determined Contributions (NDCs) – the country’s self-defined national climate pledges – with an ambitious goal of reducing greenhouse gas emissions (GHG) by 37 percent by 2030.
IFC’s climate advisory project with Banque du Caire supports the country’s NDC goals by helping the bank increase its strategic exposure to projects that will improve the country’s climate outlook.
As part of the project, IFC will conduct an internal assessment for Banque du Caire, review the bank’s portfolio of existing climate finance assets, and screen its portfolio against climate risks. The goal is to ultimately assist the bank in transforming its climate finance strategy into an actionable workplan.
“Our strategy at Banque du Caire is to develop the instruments and tools that provide us with long-term sustainable growth and security. This new project we are embarking on marks a nexus point where all of our efforts, previous, current and moving forward connect to boost our sustainable transformation” said Tarek Fayed, Banque du Caire Chairman and Chief Executive Officer. “These new changes will showcase Banque du Caire’s ability to smoothly transition into the green economy, ensuring financial growth and profitability while protecting all that we hold dear to our hearts.”
“The project marks a significant step forward in Egypt’s efforts to address climate change,” said Riadh Naouar, IFC Regional Manager for Financial Institutions Group Upstream and Advisory for North, Western, and Central Africa. “By helping Banque du Caire develop a climate finance strategy, we are helping to ensure that the bank can meet the financing needs of its clients as they transition to a green economy.”
Supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), the project is part of IFC’s climate program, which aims to scale up private sector financing in the financial sector for climate mitigation and adaptation projects while helping mitigate climate risks.
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