The advisory project will include an initial portfolio screening against climate risk and the development of scenario planning and stress testing methodology for CIB, a long-term IFC partner. The goal is to assist the bank in assessing its climate risk exposure, and ensuring any climate-related financial risks are disclosed in its portfolio.
The new initiative follows IFC’s investment in CIB’s landmark issuance of Egypt’s first private sector green bond in 2021. With support from IFC, CIB also developed the first credit line fully dedicated to certified green building in North Africa.
“Focused on engaging all stakeholders in addressing climate action, the partnership agreement signed between the IFC and CIB will provide technical consultation services to CIB, supporting the development of a climate risk management framework, which includes training and capacity building. This is not the first cooperation between the CIB and IFC, as in 2021, $100 million was dedicated to Egypt’s first private sector green bond to help unlock finance for climate-smart projects, reduce greenhouse gas emissions, and support the country’s transition to a greener economy,” said Egypt’s Minister of International Cooperation Rania A. Al-Mashat