IFC, CIB Partner To Support Decarbonization Across Key Sectors In Egypt

(MENAFN- Daily News Egypt) The International Finance Corporation (IFC) has announced a partnership with the Commercial International bank (CIB) to support reduced emissions and increase green energy financing in carbon-intensive sectors in Egypt.

Through its Climate Finance Advisory Program, IFC will assist CIB in helping its clients in sectors such as oil and gas, transportation, and Real estate to lower their carbon emissions and enhance their competitiveness in both local and global markets. This initiative aims to support Egypt's transition towards a lower-carbon development model and help the country achieve its climate-related goals. By strengthening resilience and adaptation across its economy, Egypt can make better use of limited natural resources and create jobs and opportunities in the green economy.

“CIB and IFC have partnered to advance transition planning and decarbonization across key sectors in Egypt. Building on our successful track record, including the issuance of Egypt's first corporate green bond, this partnership will utilize IFC's expertise to develop a comprehensive decarbonization strategy for CIB, targeting seven key carbon-intensive sectors,” said Amr El-Ganainy, CIB's Deputy CEO and Executive Board Member.“Ultimately, this agreement enhances businesses' ability to navigate the challenges posed by climate change, unlock new avenues for innovation, and build a more resilient and prosperous future for both businesses and Egypt's economy.”

“IFC's partnership with CIB is a significant step toward helping Egypt's private sector reduce emissions and mitigate climate-related risks,” stated Aliou Maiga, IFC's Financial Institutions Group (FIG) Director for Africa.“There is increasing evidence that using and allocating natural resources more efficiently not only reduces the impacts of climate change but also fosters growth, sustainability, and competitiveness in various industries.”

IFC has maintained a long-standing strategic partnership with CIB, which included anchoring Egypt's first private sector green bond in 2021. This initiative aims to enhance climate adaptation, energy efficiency, and green building projects, alongside developing and implementing a robust climate risk management framework in 2023.

The project announced today is supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK) and aligns with the World Bank Group's commitment to address climate change by ensuring that 100 percent of all new financing operations adhere to the goals of the Paris Agreement by 2025.

Since beginning operations in Egypt in 1975, IFC has invested and mobilized $9bn in development projects, with an advisory portfolio of $22m. IFC's private sector support in Egypt emphasizes sectors such as fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and more.

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