The Commercial International Bank (CIB) has participated in Egypt’s third annual forum on Strategies for Transition to Green Economy, under the theme “Sustainable Finance and Green Investment”.
The bank served as the Sustainable Finance Partner to the one-day event, which was held on 14 June.
The forum aimed to create opportunities and partnerships between a range of participating banks, the Egyptian Government, development institutions, and small- and medium-sized enterprises (SMEs). This was in addition to big corporations and all stakeholders interested in achieving sustainable development in the country, and helping shift towards a green economy to face future climate risks.
“Sustainable finance is one of the main components of CIB’s core business strategy,” said Dalia Abdel Kader, Chief Sustainability Officer at CIB, “We encourage customers to take part in advancing sustainable finance development in Egypt, which comes in line with the Bank’s commitment to aligning its financial solutions with environmental, social, and governance (ESG) principles and Egypt Vision 2030.”
Abdel Kader moderated the “Green Economy Engines” session, attended by Heba Abdelatif, CIB’s Head of Financial Institutions, as a speaker amongst distinguished participants. Other attendees included: the Advisor to Egypt’s Ministry of Planning and Economic Development; development institutions including the Japan International Cooperation Agency (JICA), the CDC Group; and the International Finance Corporation (IFC).
Heba Abdel Latif, Head of Financial Institutions at CIB, said, “Private sector institutions need to join forces to achieve sustainable development, and CIB has established a green brand to encourage green investments, resulting in a paradigm shift in the bank’s operations.”
During the session on” Responsible Financing and the Future of SMEs”, Maysoun Nabil, Head of E&S Management and Sustainability Systems at CIB, outlined sustainable finance investment opportunities for small- and medium-sized enterprises (SMEs).
This is through developing products according to international standards and minimising risks, with Nabil adding, “It is also necessary to raise the awareness of young investors about the importance of integrating environmental and social principles in their businesses to accelerate the transition towards a green economy.”
“This integration will enable businesses to monitor potential opportunities to achieve green development in light of global climate challenges and Egypt’s capabilities in facing these challenges,” she added, “This is in addition to gaining access to sustainable financing resources, which is crucial for pushing forwards the sustainable development process and the power of SMEs.”
During the forum, CIB showcased four green financing programmes that are tackling environmental compliance, pollution abatement, renewable energy and the wide spectrum of agri-business and related chains.