The Commercial International Bank (CIB) — Egypt’s leading private sector bank — is taking further steps towards implementing its decarbonisation action plan, decreasing its environmental impact, and supporting the green transition by recycling its cards.
In collaboration with Bekia — an Egyptian start-up specialising in waste management — CIB’s shredded cards are now collected and recycled. This collaboration serves CIB’s strategic position in both the entrepreneurship ecosystem through its Start-up Engagement Programme and in meeting its decarbonisation target and reducing its greenhouse gas emissions from the material consumption and waste of its products.
This initiative is one of many sustainable finance efforts bringing the CIB and Egypt closer to the common goal of a green economy that includes participation from youths and innovation. It also aligns with the Paris Climate Agreement, Egypt’s 2030 Vision, and the UN’s sustainable development goals (SDGs), in addition to merging the innovation of start-ups and fintech companies in the ecosystem with the powerful brand and resources of CIB.
This new collaboration will enhance CIB’s card disposal process, which traditionally had relied on landfill sites. The bank’s shredded waste will instead be delivered to recycling outlets by Bekia.
“We are proud to be Egypt’s first bank to adopt a sustainable card disposal solution by recycling shredded cards,” said CSO of CIB Dalia Abdel Kader.
“Building on our clean environmental initiatives and projects, this process intends to help us achieve our goal of becoming a net-zero bank by 2050. It comes as part of our journey to mitigate our negative impacts and protect the environment.”
As a leader in sustainable development, CIB recently published the first Ecological Footprint Report in Egypt and Africa on its journey to comprehensive environmental reporting, shifting to more eco-friendly practices.
“The CIB continues to grow its partnerships with fintechs and start-ups through its Start-up Engagement Programme and its partnership with leading accelerators and incubators in the market,” said Sally Asaad — the Head of Fintech and Technology Enabled Partnerships at the CIB.
“We appreciate the role of CIB in its cooperation with Bekia and its important and effective role in driving the green transition. We look forward to more collaborations to achieve the UN’s SDGs,” said Founder and CEO of Bekia Alaa Afifi.
With this initiative, the CIB aims to encourage start-ups, financial institutions, and individuals to incorporate sustainability efforts into their operations and daily lives.
