By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CIB participates in IFAD’s session on ‘Climate-Smart Agriculture and De-risking’ at COP27
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > CIB participates in IFAD’s session on ‘Climate-Smart Agriculture and De-risking’ at COP27
Business

CIB participates in IFAD’s session on ‘Climate-Smart Agriculture and De-risking’ at COP27

Daily News Egypt
Last updated: 2022/11/19 at 8:53 PM
By Daily News Egypt 5 Min Read
Share
CIB participates in IFAD's session on ‘Climate-Smart Agriculture and De-risking’ at COP27
SHARE

Commercial International Bank (CIB), Egypt’s largest private sector bank, has participated in a session titled “Finance for Climate-Smart Agriculture and De-risking the Adaptation and Agriculture Sector”, hosted by the International Fund for Agricultural Development (IFAD). The session was held on the Adaptation and Agriculture Day at COP27 in Sharm El-Sheikh.

“There is around $379trn in global funds available per estimates measured by the OECD Global Outlook. One percent of this amount is enough to address the SDG Gap, inclusive of adaptation finance,” said CIB’s Chief Sustainability Officer Dalia Abdel Kader. “According to the World Bank, every dollar invested in adaptation yields seven dollars in overall benefits. The challenge now lies in innovating new business models and financial structures that address risk-adjusted returns and monetize social and environmental gains and losses.”

Abdel Kader participated in presenting the “Brain Trust” construct, a new framework that demonstrates the role that adaptation finance plays in building sustainable and self-sufficient food systems. “Brain Trust” aims to address climate-related challenges in the region, sustainably securing the region’s food and water resources and sustaining their growth. It also acts in support of Egypt’s National Climate Change Strategy 2050, Egypt’s NDCs, the newly launched national project Nexus Water Food and Energy (NWFE), and COP27’s dual focus on Africa and adaptation.

IFAD Associate Vice President Strategy and Knowledge Department Jyotsana Puri moderated the session, and panelists included World Bank Manager for Global Engagement in the Agriculture and Food Global Practice Julian A. Lampietti; CIB Chief Sustainability Officer Dalia Abdelkader; EBRD Head of Advisory, Agribusiness Iride Ceccaci; Rabobank Strategy Lead ACORN Emma Van de Ven; Vodafone Group CEO Mezzanine Jacques de Vos; and Global Ambassador of IFAD Sabrina Elba.

Panel discussions highlighted that private financing contributes a mere 1.6% to adaptation finance. This absence is mainly attributed to the perception that adaptation projects are risky and not profitable, limiting their resourcing to public funding and concessional loans. Moreover, the lack of bankable and investable pipeline projects has mostly derailed adaptation finance and critically exposed developing countries to climate calamities, including starvation and drought. Promising developments are underway as several African countries launched National Adaptation Plans (NAPs) and Nationally Determined Contributions (NDCs). This foundational step was vital for expressing demand to various public and private stakeholders, and yet food and water projects still require setups that attract private investors, thus introducing a new role for banks.

Rania Al-Mashat, Minister of International Cooperation, said: “Financial institutions have a responsibility to develop proactive roles that further Egypt’s climate agenda. Through the NWFE programme, a pipeline of projects will be made available to accelerate Egypt’s climate goals, and the launch of the “Brain Trust” programme will help prove the invest-ability of adaptation in agricultural and water projects.” 

“While COP27 aspires to reach an agreement on climate issues and mobilize pledged funds to developing countries, Africa – wrestling with starvation and drought – can’t afford to be in the waiting,” exclaimed Al-Mashat. “From climate to geopolitical crises, Africa remains the most vulnerable continent, with millions of inhabitants either experiencing or on the brink of starvation. The continent is unduly paying the price for a series of crises not of its making, yet the solution will be Africa’s making.”

“Brain Trust” serves Egypt’s evolving climate goals and newly issued pipeline projects. An Africa-led initiative, it is a step towards mobilizing the “Billions to Trillions” framework and addressing the misalignment between global private funds and adaptation projects in sustainable and sufficient food systems in Africa. The initiative mobilizes African financial institutions to address the invest-ability of food projects and ensure that a solid risk/return formula is in place to address the concerns of global investors. It aims to migrate financing from the domain of public finance and concessional loans to private finance, and from seeking billions of dollars of broken pledges to trillions of sustainable investments. The initiative also includes a project-specific “Adaptation Finance Governance Mechanism” that anchors the relationship between finance and science and comprises a checklist of must-dos to ensure lucrative risk-adjusted returns from innovation in project design, climate finance instruments, data disclosure, and reporting.

You Might Also Like

TikTok updates its community guidelines

IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses

Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023

EFG Hermes records EGP 11bn revenue in FY22

Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 

TAGGED: CIB, COP27
Share this Article
Facebook Twitter Email Print
Previous Article High demand for ‘tax-free car import for expats’ initiative: Finance Minister High demand for ‘tax-free car import for expats’ initiative: Finance Minister
Next Article Agricultural Bank of Egypt issues first eco-friendly credit card in cooperation with Visa Agricultural Bank of Egypt issues first eco-friendly credit card in cooperation with Visa
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?