CIB Awarded “Best Institution Implementing Sustainability and Corporate Governance Principles in Egypt”

by Nada Khaled

The Commercial International Bank, CIB Egypt announced that it has received the award for “Best Institution for Implementing Environmental and Social Sustainability Practices and Governance Principles in Egypt” during the Annual Conference of the Federation of Arab Capital Markets (ACFM) held in Muscat, Sultanate of Oman.

According to the bank’s statement, CIB Bank was the only institution listed on the Egyptian Stock Exchange (EGX) that was selected to receive this award in recognition of the bank’s efforts in comprehensively applying environmental and social sustainability practices and governance principles in all its operations, policies and reports, as well as its capacity building and digital transformation strategy.

Dr. said. Dalia Abdel Kader, Head of the Sustainable Finance Sector at CIB, said that the bank started its journey in the field of sustainability and sustainable financing in 2013 and that it issued the first green bonds for companies in Egypt at a value of $100 million in cooperation with the International Finance Corporation (IFC) during 2021.

She added that this necessitated the establishment of an integrated system to integrate sustainability standards into all policies, work manuals, and strategies of the bank, in addition to the availability of strong sustainability governance within the bank, which enabled it to establish an institutional framework and infrastructure that contributed to the success of green bonds and the launch of various programs for sustainable financing.

After receiving the award, Yasmine Hamida, Head of Investor Relations at CIB Bank, said that investors continuously support institutions that apply environmental and social sustainability practices and governance principles as a tool for growth and performance measurement.

She added that the bank continues to apply the principles of sustainability at the level of operations as an essential part of the bank’s strategy and to disclose them in accordance with the needs of investors and international best practices.

CIB has been producing annual sustainability reports according to the Global Sustainability Reporting (GRI) standards since 2015.

And in 2021, the sustainability report issued by the bank included the standards of the Sustainability Accountability Board (SASB), becoming the first bank in Egypt and the region to do so.

The bank is currently issuing, according to the statement, an integrated report that includes a set of frameworks for sustainability, environmental and social risk management, and climate change, in preparation for implementing the decisions of the International Sustainability Standards Board (ISSB) regarding the application of International Financial Disclosure Standards (IFRS).

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