IFC and CIB Partner to Support Decarbonization Across Key Sectors in Egypt

Cairo, Egypt, February 6, 2025 – IFC today announced a partnership with 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 their 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. By strengthening resilience and adaptation across its economy, Egypt can make better use of limited natural resources and create green economy jobs and opportunities.

“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 comprehensive decarbonization strategy for CIB, focusing on seven key carbon-intensive sectors,” said Mr. Amr El-Ganainy, CIB’s Deputy CEO & Executive Board Member. “Ultimately, this 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.”

“IFC’s partnership with CIB is an important step in helping Egypt’s private sector reduce emissions and climate-related risks,” said Aliou Maiga, IFC's Financial Institutions Group (FIG) Director for Africa. “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.”

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 project announced today is supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK). It also aligns with the World Bank Group’s commitment in addressing climate change, aligning 100 percent 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 $9 billion in development projects and has an advisory portfolio of $22 million. IFC's private sector support in Egypt focuses on fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and other sectors.