Sustainability is integral to CIB’s business practices, policies and processes. Since the events of 2011 in Egypt, we have worked to tie our financial success to the economic and social advancement of the communities in which we operate with the ultimate goal of driving financial inclusion. At CIB, we believe that growth is achieved by connecting stakeholders with the entire ecosystem − from employees to clients, investors, regulators and society at large. CIB’s Environmental and Social Risk Management framework exemplifies its dynamic and progressive approach.
CIB has taken the lead in Egypt and the MENA region in forging international partnerships to address responsible banking, financial literacy and corporate commitment to climate action. In 2021 the bank partnered with the International Finance Corporation to issue Egypt’s first private sector Green Bond.
More recently CIB and the European Bank for Reconstruction and Development signed a US$ 50 million Green Economy Financing Facility (GEFF II), which will help build a greener and inclusive local economy by financing local micro, small and medium-sized enterprises.
What is CIB’s history of sustainability reporting?
CIB has annually produced a Sustainability Report since 2015 and was the first bank in Egypt to issue a Sustainability Report. This report tracks performance, benchmarks and communicates progress. It adheres to Global Reporting Initiative standards, the most comprehensive framework for sustainability reporting. CIB was also the first Egyptian company to participate in the Carbon Disclosure Project, a global system that measures environmental impact.
In light of CIB’s recent investments in Ethiopia and Kenya, will a strong regional growth strategy be the hallmark of the next 50 years?
The goal of CIB’s growth strategy is to create value for its stakeholders. We are mostly focused on Africa and the Middle East at this point and looking to increase synergies between other regional institutions. In January 2023, CIB acquired CIB Kenya Limited, making it the first Egyptian bank to expand its operations into sub-Saharan Africa. Kenya presented itself as an attractive investment opportunity due to its strategic location. The bank’s strategy is for CIB Kenya to become East Africa’s digital and business hub, providing Egypt and Kenya with the opportunity to become members in trade agreements, mainly the African Continental Free Trade Agreement (ACFTA).
How does CIB view Corporate Social Responsibility? What strategies have you adopted?
Corporate responsibility is at the heart of CIB’s consistent outperformance. CIB is the first Egyptian bank to develop and implement specific programs and initiatives to strengthen its commitment to diversity and inclusion. CIB is a longstanding contributor to the country’s wellbeing through major corporate social responsibility initiatives for communities, including youth and special needs. Since 2014, we’ve been managing our ecological footprint with efforts aligned with the Sustainable Development Goals of Egypt’s Vision 2030 and the Paris Agreement on Climate Change. In 2010, CIB shareholders voted to establish the CIB Foundation, permanently endowing it with 1.5% of the bank’s annual profits to focus on child health, education and wellbeing.
How do you measure your success over 50 years?
Our success is based on the trust and confidence our customers have placed in us. CIB has consistently out-performed on every metric, making it the benchmark for global rating agencies and institutions. As CIB begins its next 50 years, the bank’s mission is to serve its corporate, individual and small business customers by enabling them to achieve financial wellbeing.
