Commercial International Bank (CIB) – Egypt, announced Thursday that for the fifth consecutive year it has been selected as a constituent in the FTSE4Good Index Series. The selection attests to the bank’s solid efforts in incorporating sustainability across all of its operations and aligning them with international best practices across the environmental, social, and governance spheres.
Created by the global index provider FTSE Russell in 2001, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. Constituents are selected based on the extent of their adherence to robust ESG guidelines, aligned with globally recognized standards.
“We are extremely pleased to have, once again, been named among the leading global companies included in the FTSE4Good Index following our initiatives to promote responsible banking across the region,” said Hisham Ezz Al-Arab, Chairperson and Managing Director of CIB. “Over the years, we have worked to create shared value that recognizes the need for a reallocation of capital into sustainable businesses that take into account the very real challenges posed by climate change and inequality. As Egypt’s leading private sector bank, we’re doing our part to fill the financing gap when it comes to sustainable development through numerous vehicles such as the CIB Green Finance developed in house focused specifically on energy efficiency and renewable energy technologies along with advancing sustainable investments.”
CIB has exerted various efforts in working towards establishing the standards for responsible banking across the region. Most notable has been the bank’s work towards the creation of an inclusive economy by leveraging its new model for sustainable finance with the launch a Sustainable Finance Division. The new division, which is the first of its kind in Egypt, will ensure the centrality of sustainability as a core business strategy. Additionally, the bank has substantially invested in digitizing its operations and significantly reducing its carbon footprint.