Commercial International Bank (CIB), the main bank in the Egyptian private sector, has launched its green bond program to mainly support the financing of green projects in Egypt, we learned Thursday, November 25 from internal sources of the group.
This initiative should help support the green economy and help increase the share of renewable energies in the Egyptian energy mix.
“We believe our efforts to support green projects nationwide will boost the green bond market and hopefully inspire other issuers to follow suit in order to achieve net zero emissions by 2050,” said Hussein Abaza, CEO of CIB. Issuers, investors and regulators, he stresses, need to coordinate nationally and regionally to drive market growth.
Note that the International Finance Corporation (IFC), the main development institution focused on the private sector in emerging countries, works closely with the Cairo-based bank to promote green finance. With this in mind, CIB is currently evaluating potential eligible projects for its portfolio, for a total amount of USD 70 million.