{"id":68002,"date":"2021-07-01T00:40:00","date_gmt":"2021-06-30T22:40:00","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=68002"},"modified":"2021-07-01T00:41:20","modified_gmt":"2021-06-30T22:41:20","slug":"cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/","title":{"rendered":"CIB becomes first private sector issuer of green bonds in Egypt"},"content":{"rendered":"
The Commercial Investment Bank (CIB<\/a>) became the first private sector issuer of green bonds in Egypt.<\/div>\n
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It is worth mentioning that Egypt was also the first country in the Middle East and North Africa to issue green bonds in 2020. Egypt\u00a0sold $750 million in five-year Green bonds in September last year.<\/div>\n
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In a statement on Wednesday, the CIB<\/a> said it is proud to announce opening subscription for the first green bond to be issued in the local market after having received initial approval from the Financial Regulatory Authority on June 21, 2021.<\/div>\n
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The private placement is valued at $100 million in non-callable fixed rate bonds. The tenor of the issue is five years and proceeds will be 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\u2019s green building capital expenditure for up to 20% of the proceeds. International Finance Corporation (IFC) will subscribe to the full value of the issue.<\/div>\n
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The bond proceeds will further be directed to various categories of climate supporting initiatives, including green buildings, energy efficiency, renewable energy, water and wastewater management and clean transportation. The issuance is part and parcel of CIB\u2019s mission to support clients looking to make sustainable investment choices and will also entrench the cost of environmental impact into the fabric of its credit policy and decision making with respect to lending and investment decisions.<\/div>\n
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CIB is also set to publish its Green Bond Framework this week, which sets out the parameters for the use of proceeds, eligibility, selection criteria for the projects funded by loans extended to clients, the management of proceeds as well as reporting and impact evaluation. The framework has been audited by Moody\u2019s affiliate Vigeo Eiris and deemed compliant with the Green Bond Principles published by the International Capital Markets Association in 2018.<\/div>\n
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As a founding signatory of the UNEP-FI Principles for Responsible Banking, the issuance also underscores the Bank\u2019s commitment to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change. CIB is also committed to ensuring its reporting aligns with numerous sustainable reporting standards, including the Global Reporting Initiative, to provide concrete quantification of greenhouse gas reduction strategy and moving to a net-zero carbon economy in the medium term.<\/div>\n
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<\/div>\n","protected":false},"excerpt":{"rendered":"

The Commercial Investment Bank (CIB) became the first private sector issuer of green bonds in Egypt. It is worth mentioning that Egypt was also the first country in the Middle East and North Africa to issue green bonds in 2020. Egypt\u00a0sold $750 million in five-year Green bonds in September last year. In a statement on […]<\/p>\n","protected":false},"author":410,"featured_media":68003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6262,984,6030],"tags":[6911,6281,6463],"yoast_head":"\nCIB becomes first private sector issuer of green bonds in Egypt - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The (CIB) became the first private sector issuer of green bonds in Egypt.The private placement is valued at $100 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB becomes first private sector issuer of green bonds in Egypt - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"The (CIB) became the first private sector issuer of green bonds in Egypt.The private placement is valued at $100 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"Csr Egypt\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/csregypt\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-30T22:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-30T22:41:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/csregypt.com\/wp-content\/uploads\/2021\/07\/IMG-20210701-WA0000.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"721\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marwa Zein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@egyptcsrforum\" \/>\n<meta name=\"twitter:site\" content=\"@egyptcsrforum\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marwa Zein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/\"},\"author\":{\"name\":\"Marwa Zein\",\"@id\":\"https:\/\/csregypt.com\/#\/schema\/person\/5df2c73ec5c5eaada424a85f98cd7bec\"},\"headline\":\"CIB becomes first private sector issuer of green bonds in Egypt\",\"datePublished\":\"2021-06-30T22:40:00+00:00\",\"dateModified\":\"2021-06-30T22:41:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/\"},\"wordCount\":394,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/csregypt.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/csregypt.com\/wp-content\/uploads\/2021\/07\/IMG-20210701-WA0000.jpg\",\"keywords\":[\"#Green Bonds\",\"CIB\",\"egypt\"],\"articleSection\":[\"Egypt\",\"news\",\"Sustainable Development\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/\",\"url\":\"https:\/\/csregypt.com\/en\/cib-becomes-first-private-sector-issuer-of-green-bonds-in-egypt\/\",\"name\":\"CIB becomes first private sector issuer of green bonds in Egypt - 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