Commercial International Bank (CIB), Egypt’s leading private sector bank, has announced that Hussein Abaza, the Bank’s CEO and Managing Director, has been chosen to join the Glasgow Financial Alliance for Net Zero (GFANZ) Africa Network’s advisory board.
The newly formed advisory board was established to ensure the region’s most influential climate finance actors continue to collaborate to enable the region’s low carbon transition.
“As a founding member of the Net-Zero Banking Alliance, the CIB is keen on expanding its efforts to deliver continent-based climate change solutions that empower regional communities to achieve sustainable development,” Abaza said.
Ahead of COP27, which will be held in Sharm El Sheikh in November 2022, CIB has been working towards identifying and highlighting regional climate challenges, as well as equipping its corporate clients with tailored financial tools to decarbonize their businesses through the Bank’s Sustaining Sectors program.
“Sustainable finance has proven to be a powerful tool through which countries can address climate-related challenges. At CIB, we recognize the role financial institutions play in influencing the trajectory of the region’s climate adaptation and mitigation challenges, especially when considering Africa’s vast resources and environmentally-driven youth,” said Dalia Abdel Kader, CIB’s Chief Sustainability Officer.
GFANZ was established during COP26 to better align global financial institutions with clear climate targets, ensuring funds are leveraged towards reducing rising global temperatures. CIB is capitalizing on its longstanding expertise in sustainability and its membership in the GFANZ workstream to mobilize capital and advance the region’s climate goals while creating value for its shareholders on a regional level.