Arab Finance: International Finance Corporation (IFC) is cooperating with Egypt's largest private sector bank, Commercial International Bank (CIB), to develop and carry out a solid climate risk management framework, according to a press release on March 22^nd.

The framework aims to ensure the bank's stability, regulatory compliance, and ultimately address the financing needs of its clients.

An initial portfolio screening against climate risk and the development of scenario planning and stress testing methodology for CIB will be included in the advisory project.

As per the partnership, IFC will help the bank to assess its climate risk exposure and ensure any climate-related financial risks are disclosed in its portfolio.

“IFC's partnership with CIB will further enhance the Bank's process of integrating the climate-related risks into the existing risk management framework, as well as to support aligning with the evolving international standards and the best practices in this regard,” CIB's Chief Risk Officer, Talha Karim.

“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," Minister of International Cooperation Rania Al-Mashat noted.

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