CIB signs a partnership agreement to manage climate change risks with the International Finance Corporation

CIB partnered with the International Finance Corporation (IFC) to develop and implement a robust climate risk management framework that ensures the Bank’s stability and regulatory compliance and addresses the financing needs of its clients.

The longstanding partnership between CIB and IFC has previously led to the issuance of the first private corporate Green Bond in Egypt, made possible via CIB’s existing ecosystem and banking heritage and complimented further with the technical support and close guidance of the IFC.

CIB’s Chief Risk Officer Mr. Talha Karim shared “Climate-related financial risks are increasingly becoming more relevant for financial institutions. Central banks, financial supervisors, investors and other parties around the world are taking a keen interest in risks and opportunities deriving from climate strategies. CIB believes that climate-related risks are cross cutting drivers of the existing risk categories such as Credit, Operational, Market, Liquidity and Reputational Risks. IFC’s partnership with CIB will further enhance the Bank’s process of integrating the climate-related risks into the existing risk management framework, as well as to support aligning with the evolving international standards and the best practices in this regard”.

CIB’s Chief Sustainability Officer Dr. Dalia Abdel Kader also highlighted “CIB’s journey with climate risk started in 2020 when we first joined the TCFD and aligned with the Equator Principles in accordance with international standards and best practices. Now, building on the success of CIB’s collaboration with the IFC and the issuance of the Green Bond, which helped us further develop our Environmental, Social Risk Management (ESRM) system, CIB is keen to take its partnership with the IFC to the next level.”