Latest news with #AliouMaiga
Al-Ahram Weekly
25-02-2025
- Business
- Al-Ahram Weekly
IFC, Attijariwafa Bank partner to boost SMEs, climate finance initiatives in Egypt - Markets & Companies
The International Finance Corporation (IFC), the financial arm of the World Bank Group, and Attijariwafa Bank Egypt (AWB Egypt) have started a strategic partnership to strengthen the bank's capital base and ability to support small and medium-sized enterprises (SMEs) and climate finance initiatives in Egypt. The corporation said this in a statement on Monday. The collaboration includes investing $20 million in Tier 2 subordinated debt to increase AWB Egypt's lending capacity and expand its operations in crucial sectors. Tier 2 is the second or supplementary layer of a bank's capital, comprising revaluation reserves, hybrid instruments, and subordinated term debt. This partnership will directly contribute to AWB Egypt's efforts to finance SMEs in Egypt, particularly focusing on women-owned businesses. It will also promote energy efficiency by supporting renewable energy projects, aligning with Egypt's National Climate Change Strategy and Attijariwafa Bank Group's sustainability roadmap. The added capital will help the bank pursue these goals with greater financial flexibility and confidence. 'This partnership is a key step in strengthening our capital base, which will enable us to undertake larger, more impactful financing projects. This investment will accelerate financing for SMEs and green projects, further supporting sustainable economic development in Egypt,' AWB Egypt Managing Director Mouawia Essekelli said. According to the statement, Egypt has the largest MSME market in the MENA region, home to 6.4 million enterprises. Thus, the sector plays a vital role in the country's economy and contributes over a third of its GDP. Therefore, this partnership addresses the SMEs' significant funding challenges. 'A robust and diversified financial sector is essential for fostering inclusive and sustainable economic growth. By enhancing AWB Egypt's capital base, IFC is helping to expand financing options for SMEs, promoting climate finance in Egypt, and contributing to a greener, more resilient future,' said Aliou Maiga, IFC's regional director for Financial Institutions Group in Africa. The collaboration also aligns with the World Bank Group's Country Partnership Framework for Egypt, which focuses on improving private sector jobs, enhancing economic resilience, and closing the gender gap in developing economies. IFC is the world's largest development institution focused on the private sector in emerging markets. Since its founding in 1975 in Egypt, the corporation has invested $9 billion and provided advisory services totalling $22 million. It supports key sectors such as fintech, climate finance, manufacturing, and healthcare. AWB Egypt, a subsidiary of Attijariwafa Bank Group based in Morocco, has operated in Egypt since it acquired Barclays Bank in 2017. Now, it has 64 branches and 110 ATMs in Egypt. The Attijariwafa Bank Group has a wide presence in 27 countries, including a robust network across Africa and Europe. Short link:
Zawya
10-02-2025
- Business
- Zawya
IFC, CIB partner to support decarbonization across key sectors in Egypt
Egypt - The International Finance Corporation (IFC) has announced a partnership with the Commercial International Bank (CIB) to support reduced emissions and increase green energy financing in carbon-intensive sectors in Egypt. Through its Climate Finance Advisory Program, IFC will assist CIB in helping its clients in sectors such as oil and gas, transportation, and real estate to lower their carbon emissions and enhance their competitiveness in both local and global markets. This initiative aims to support Egypt's transition towards a lower-carbon development model and help the country achieve its climate-related goals. By strengthening resilience and adaptation across its economy, Egypt can make better use of limited natural resources and create jobs and opportunities in the green economy. 'CIB and IFC have partnered to advance transition planning and decarbonization across key sectors in Egypt. Building on our successful track record, including the issuance of Egypt's first corporate green bond, this partnership will utilize IFC's expertise to develop a comprehensive decarbonization strategy for CIB, targeting seven key carbon-intensive sectors,' said Amr El-Ganainy, CIB's Deputy CEO and Executive Board Member. 'Ultimately, this agreement enhances businesses' ability to navigate the challenges posed by climate change, unlock new avenues for innovation, and build a more resilient and prosperous future for both businesses and Egypt's economy.' 'IFC's partnership with CIB is a significant step toward helping Egypt's private sector reduce emissions and mitigate climate-related risks,' stated Aliou Maiga, IFC's Financial Institutions Group (FIG) Director for Africa. 'There is increasing evidence that using and allocating natural resources more efficiently not only reduces the impacts of climate change but also fosters growth, sustainability, and competitiveness in various industries.' IFC has maintained a long-standing strategic partnership with CIB, which included anchoring Egypt's first private sector green bond in 2021. This initiative aims to enhance climate adaptation, energy efficiency, and green building projects, alongside developing and implementing a robust climate risk management framework in 2023. The project announced today is supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK) and aligns with the World Bank Group's commitment to address climate change by ensuring that 100 percent of all new financing operations adhere to the goals of the Paris Agreement by 2025. Since beginning operations in Egypt in 1975, IFC has invested and mobilized $9bn in development projects, with an advisory portfolio of $22m. IFC's private sector support in Egypt emphasizes sectors such as fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and more. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
08-02-2025
- Business
- Daily News Egypt
IFC, CIB partner to support decarbonization across key sectors in Egypt
The International Finance Corporation (IFC) has announced a partnership with the Commercial International Bank (CIB) to support reduced emissions and increase green energy financing in carbon-intensive sectors in Egypt. Through its Climate Finance Advisory Program, IFC will assist CIB in helping its clients in sectors such as oil and gas, transportation, and real estate to lower their carbon emissions and enhance their competitiveness in both local and global markets. This initiative aims to support Egypt's transition towards a lower-carbon development model and help the country achieve its climate-related goals. By strengthening resilience and adaptation across its economy, Egypt can make better use of limited natural resources and create jobs and opportunities in the green economy. 'CIB and IFC have partnered to advance transition planning and decarbonization across key sectors in Egypt. Building on our successful track record, including the issuance of Egypt's first corporate green bond, this partnership will utilize IFC's expertise to develop a comprehensive decarbonization strategy for CIB, targeting seven key carbon-intensive sectors,' said Amr El-Ganainy, CIB's Deputy CEO and Executive Board Member. 'Ultimately, this agreement enhances businesses' ability to navigate the challenges posed by climate change, unlock new avenues for innovation, and build a more resilient and prosperous future for both businesses and Egypt's economy.' 'IFC's partnership with CIB is a significant step toward helping Egypt's private sector reduce emissions and mitigate climate-related risks,' stated Aliou Maiga, IFC's Financial Institutions Group (FIG) Director for Africa. 'There is increasing evidence that using and allocating natural resources more efficiently not only reduces the impacts of climate change but also fosters growth, sustainability, and competitiveness in various industries.' IFC has maintained a long-standing strategic partnership with CIB, which included anchoring Egypt's first private sector green bond in 2021. This initiative aims to enhance climate adaptation, energy efficiency, and green building projects, alongside developing and implementing a robust climate risk management framework in 2023. The project announced today is supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK) and aligns with the World Bank Group's commitment to address climate change by ensuring that 100 percent of all new financing operations adhere to the goals of the Paris Agreement by 2025. Since beginning operations in Egypt in 1975, IFC has invested and mobilized $9bn in development projects, with an advisory portfolio of $22m. IFC's private sector support in Egypt emphasizes sectors such as fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and more.
