- IFC and CIB have partnered to support reduced emissions and green energy financing in Egypt
- This partnership will support Egypt’s transition towards lower-carbon development and help it reach its climate-related goals
Egypt – The International Finance Corporation (IFC) has announced a partnership with the Commercial International Bank (CIB) to support reduced emissions and increased green energy financing in carbon-intensive economic sectors in Egypt.
Under the partnership, IFC, through its Climate Finance Advisory Program, will support CIB in helping its clients in carbon-intensive sectors, such as oil and gas, transportation, and real estate, reduce their carbon emissions and increase their competitiveness in local and global markets.
The project will support Egypt’s transition towards lower-carbon development and help it reach its climate-related goals.
Join over 10k partners and investors in Africa – Subscribe to our weekly email subscription list.
By strengthening resilience and adaptation across its economy, Egypt can make better use of limited natural resources and create green economy jobs and opportunities.
Amr El-Ganainy, CIB’s Deputy CEO and Executive Board Member said:
“CIB and IFC have partnered to advance transition planning and sectoral decarbonization in Egypt. Building on their successful track record, including the issuance of Egypt’s first corporate green bond, this partnership will leverage IFC’s expertise to develop a comprehensive decarbonization strategy for CIB, focusing on seven key carbon-intensive sectors.”
El-Ganainy further added that the agreement reinforces the ability of businesses to navigate the challenges of climate change, unlock new avenues for innovation and build a more resilient and prosperous future for both businesses and Egypt’s economy.
According to Aliou Maiga, IFC’s Financial Institutions Group (FIG) Director for Africa, this partnership will help Egypt’s private sector reduce emissions and climate-related risks.
“Evidence is mounting that using and allocating natural resources more efficiently not only reduces the impacts of climate change on people and businesses but can also enhance growth, sustainability, and make industries more competitive,” added Maiga.
Follow us on our new X channel for prompt updates hourly
IFC has had a long-standing strategic partnership with CIB, which included anchoring Egypt’s first private sector green bond in 2021, aiming to enhance climate adaptation, energy efficiency, and green building projects, as well as developing and implementing its robust climate risk management framework in 2023.
The announced project is supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK).
It also aligns with the World Bank Group’s commitment to addressing climate change, aligning 100 per cent of all new financing operations with the goals of the Paris Agreement by 2025.
Since beginning operations in Egypt in 1975, IFC has invested and mobilized US$9 billion in development projects and has an advisory portfolio of US$22 million.
IFC’s private sector support in Egypt focuses on fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and other sectors.
Are you a thought leader in your industry? We’re seeking experts like you to feature in our exclusive opinion column! Send your details to info@markettrends.africa and join our network of industry voices today!