The Commercial International Bank (CIB), Egypt’s leading private sector bank, confirmed that NEWGIZA for Basic Infrastructure and Educational Services (NGU), one of NEWGIZA’s companies, has been awarded the IFC’s EDGE Advanced green building certification as part of CIB’s Sustaining Sectors Program.
The program seeks to boost the capacities of corporates from diverse sectors, in addition to improving their knowledge of the benefits of sustainability.
Under the Green Bond Program, NEWGIZA University was given a grant covering 2.8% of the USD equivalent of the loan necessary to construct the Faculty of Engineering building.
The Green Building Certification is one of the efficient systems of the Sustaining Sectors program, evident in the successful issuance of green bonds for $100m. This certification aims to enable companies in all sectors to grasp the new trends and technologies of construction to keep pace with and adapt to the opportunities and challenges of climate change.
“NEWGIZA for Basic Infrastructure and Educational Services (NGU) is highly professional and keen on maintaining its leadership and growth by adopting best international practices,” said Amr El Ganainy, the CIB’s CEO of Institutional Banking. “The process of qualifying for accreditation required extreme coordination between the Bank and the IFC, demonstrating the importance of cooperation between the banking sector and multilateral financial institutions,” he added. “The Bank’s sustainable finance system plays an integral role in providing integrated support to customers from all economic sectors to enable them to effectively approach the climate’s opportunities and challenges. This helps them maintain their ability to grow and stay up to date with local and global developments in all sectors,” he concluded.
The NEWGIZA Company for Basic Infrastructure and Educational Services (NGU) has successfully qualified through walk-through audits by the Bank’s team of environmental assessment experts and by coordinating with the company’s cadres to help with the registration procedures and fulfilling all the required standards for the Faculty of Engineering building at NEWGIZA University to receive the EDGE certification. This was accomplished in cooperation with the International Finance Corporation (IFC), which provided the university with technical support.
It is worth noting that the university has exceeded the minimum limit required to reduce consumption. The Sustaining Sectors program supported the university in decreasing its energy consumption by 46% and water by 54% and reducing the consumption of raw materials by 30%, making it eligible for the EDGE Advanced certification.
This certification provides designers with a free program to assess the level of resource efficiency of buildings, using various options and alternative materials. The better the design, the more energy and water will be saved, thus lowering the cost of their monthly consumption.
To enrich the Sustaining Sectors and Green Bond programs, the CIB provides sufficient financing to companies in various sectors. It also helps them enhance their ability to grow and transition to a low-carbon economy by providing them with the necessary tools and training as well as exchanging best practices and experiences in cooperation with the IFC.
The CIB is currently coordinating with the IFC to prepare a new batch of companies from the Bank’s clients to familiarize them with green building transactions, whether in the industrial, construction, or development sectors and help them adopt low-cost and environmentally friendly building solutions that can strengthen their brand and competitiveness.
