GCF GEFF Regional - Egypt II - CIB

Location:

Egypt

Project number:

51771

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

09 Jun 2022

Status:

Approved

PSD disclosed:

28 Apr 2022

Project Description

Provision of a senior unsecured loan under the GCF-GEFF Regional Framework ("GEFF") of up to USD 50 million, of which up to USD 7.5 million is expected to be co-financed by the Green Climate Fund ("GCF")

Project Objectives

The Project will support on-lending to private sub-borrowers for green, energy efficiency and renewable energy projects, which are of particular relevance in the context of the high energy intensity of Egypt's economy, and (ii) to support high performance technologies and services supporting a green economy. Sub-borrowers include private micro, small and medium-sized enterprises (MSMEs) and individual households that operate across the residential, agribusiness, industrial, commercial and service sectors.

Transition Impact

ETI score: 75

ETI Score: 75

  • Green: The project supports the Green transition quality through the provision of funding and technical assistance to financial intermediaries to promote private sector MSMEs investments in efficient climate change mitigation and adaptation technologies. This will support building a green economy in Egypt by facilitating the accelerated market penetration of climate technologies.

Client Information

COMMERCIAL INTERNATIONAL BANK SAE

CIB is the largest private bank in Egypt with total consolidated assets of USD 32 billion as of December 2021.

EBRD Finance Summary

USD 42,500,000.00

Total Project Cost

USD 50,000,000.00

Additionality

The project offers a combination of longer-term financing and technical expertise into a package that promotes targeted investment in sustainable energy, in the highly diversified private sector in Egypt.

Environmental and Social Summary

Categorised FI (2019). CIB is an existing client of the Bank and has been satisfactorily implementing the Bank's E&S requirements under existing exposure. The bank will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9, apply the EBRD's relevant E&S Risk Management Procedures including the updated exclusion and newly introduced Referral List stemming from EBRD's 2019 E&S Policy. CIB's E&S performance will be monitored through the review of annual reports. The Project is consistent with the GET approach, with a GET share of 100%.

Technical Cooperation and Grant Financing

CIB is expected to benefit from the support of the grant resources from the European Union (EU NIP). Donor funds will support a comprehensive technical assistance programme to provide implementation support to CIB and its customers, and verification of the outcome of completed projects. Grants are also expected to provide investment incentives to end borrowers.

Company Contact Information

Abla Fahmy
abla.hussein@cibeg.com
+(2) 01006634299
https://www.cibeg.com/
21/23 Charles de Gualle street, Giza, 10th floor

PSD last updated

28 Apr 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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