CIB launches green bonds program to support SDGs

Arabfinance: The Commercial International Bank Egypt (CIB) (COMI) has launched the green bonds program to support financing projects that provide sustainable solutions for the climate change crisis, natural resources shortage, and water and air pollution, according to a press release.

The program will contribute to bolstering the green economy of Egypt as well as the use of renewable energy in the country.

This comes in line with the sustainable development goals (SDGs) and reinforces the CIBs sustainable financing strategy.

The banks green projects portfolio includes financing various projects in the industrial sector through proceeds from bonds issued by the CIB that are worth $70 million.

Moreover, the CIB has signed a partnership agreement with the International Finance Cooperation (IFC) to develop the first project for financing green buildings in Egypt, in addition to, three projects in the sectors of education and food and beverage.

It is worth noting that the green bonds were issued in collaboration with Zulficar and Partners Law Firm, the CIBs legal advisor, with Deloitte acting as the audit.

The bank is currently evaluating the eligible projects under its green portfolio valued at $70 million, in collaboration with the IFC.

CIB, the leading private sector bank in Egypt, provides banking services across the country through more than 200 branches and units.

The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.