Finance
CIB’s green finance initiatives: Pioneering sustainable banking in Egypt – Dailynewsegypt
Islam Zekry, the Group Chief Financial Officer at the Commercial International Bank – Egypt (CIB), emphasised the bank’s commitment to sustainable economies. CIB aims to stabilise the per capita share of gross domestic product (GDP) across Africa by focusing on green assets. Notably, CIB’s green assets account for 12%, a significant commitment even though this percentage remains well below the global average of 1%.
During his participation in the “Climate Risk Mitigation: The Role of Financial Institutions” symposium, held on the sidelines of the Wall Street events in Kenya, Zekry said that CIB is striving to invest in understanding its customers. This is why it created the D-squared framework. It depends mainly on data to understand the nature of customers and ensure that the offers made to them are attractive from the perspective of transaction costs and others, so that the bank becomes generally more attractive to future customers.
“This framework is our gift to Africa to create a more balanced business and provide attractive products to customers. That can help make more profits without creating any additional financial risks to the general economy,” he said.
Zekry also noted that CIB is starting to entrench ESG as a business to generate a positive return for shareholders as well as for the economy, creating a win-win situation for everyone.
He also explained that the bank is working to transform green financing into products for individuals. It worked to provide a solar energy financing loan, to support customers to switch to less expensive energy and encourage them to use renewable energy. From a technical standpoint, renewable energy is an alternative means that meets the same needs, but in a cost-effective manner.
He explained that the bank works to utilize opportunities, and human capital capabilities through a group of well-trained, competent consultants, to reflect the value that can be created for giant construction companies.
Zekry went on to explain that there are two types of trends: one that focuses mainly on the governance aspect, reporting the percentage of green assets and adhering to the percentage of TCFD, EGRD, and others. This is a rather strict approach but may create added value. The other approach revolves around dealing with the matter as bankers. “We try to create added value for all our partners and stakeholders, not only in Egypt and Kenya but anywhere where we serve customers. We have regulatory frameworks, environmental, social and governance frameworks,” he said.
He added: “Technically, I think we need to come up with a global standard, a global code for green finance or sustainable finance, or whatever standard that is globally accepted.”
Zekry noted that the classification of data and percentages serves the digital reports of green standards worldwide, therefore everyone must know what should be done and what should not be done and how the process is organised. “Even in the same country, we could easily see conflicting views,” he said. Additionally, when looking at the classification In the European Central Bank’s data, we will find about a 30% to 40% mismatch, not only in the industries that are classified as harmful, but also in the way they are dealt with, and the way the weight of those industries is calculated, which makes this global framework a necessity.
According to Zekry, the main problem is not in directing funds to Africa, but rather in creating a future that is free of climate risks. Furthermore, the financing coming from development funds must have some kind of allocation mechanism, especially in terms of environmental, social and governance issues. Zekry stresses that incentives are necessary, as well as identifying appropriate and future opportunities to direct funds to Africa.
The Oklahoma Ethics Commission has launched an interim local campaign reporting portal amid growing concern that a state law change and an aborted Guardian System upgrade left the public without access to municipal, county and school board candidate finances.
Late last year, the Ethics Commission restored its legacy Guardian System for state candidate committees and lobbyists to file their financial disclosures. The commission had been attempting to upgrade to a system known as Guardian 2.0, but the switch floundered and ultimately fell apart, forcing the agency to change providers and revert to its original system.
In anticipation of Guardian 2.0, the Oklahoma Legislature passed a new law last year requiring local candidates for office to file their campaign reports with the Ethics Commission instead of city and county officials. But the legacy Guardian System to which the agency reverted does not accomodate filing information or data for candidates in county and municipal races.
Tuesday’s launch of the interim site covers some of those gaps, but data is still being uploaded to it. As of Friday, March 6, filings from only about a dozen candidates are listed for public review.
“Oklahoma voters deserve transparency at every level of government,” Ethics Commission executive director Lee Anne Bruce Boone said in a statement. “This interim portal ensures the disclosure continues without delay while full electronic integration is finalized.”
Search filings:
LocalCampaignFilings.ok.gov
The commission’s new responsibilities over local elections have come as a result of SB 890, which took effect Nov. 1. It requires candidates for county and municipal offices to file their campaign finance reports and personal financial information at the state level. In years past, those filings were typically handled by county election boards or city clerk offices.
At a meeting in February, Bruce Boone said it could take up to 15 weeks for Civix, the software company that developed the original Guardian System, to update the current platform.
That has left some local candidates with questions about how to file reports and how the public can see them. Some candidates have been pressed to post their own reports on social media ahead of the April 7 election, while others interested in the information have had to make individual requests by email or phone to the Ethics Commission, which has then requested reports from candidates. More than 3,000 municipal and county filings are expected to be uploaded on the Guardian System eventually.
Aaron Wilder, who manages local campaigns in Oklahoma, said the interim system is a step in the right direction.
“I’m glad that they have provided some kind of option,” Wilder said. “I really thought that the kind of excuse that they were giving — that there was nothing they could do in the interim because of their staff capacity and technology needs — was lacking, and so that was true, because they were able to quickly set this up in the last month.”
Questions remain about filings
According to Bruce Boone’s press release, local candidates can submit finance reports through the interim portal while full system integration remains ongoing. Still, Wilder has concerns.
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‘This is a problem’: Local election campaign finance reports in limbo by Andrea Hancock
“What is missing right now is just clear guidance and communication from the Ethics Commission on what local campaigns should be doing at the moment,” he said. “The only reason I would know that this is now available and something that local campaigns can use, is because I’m subscribed to the Ethics Commission email (list). So I got a notice from their email system that, ‘Hey, this is available.’ And so then going back to that, I mean, I have not seen any kind of effort from them to really communicate about this beyond just pushing out to their email list. And nothing here is required, as far as my reading of it. It’s kind of like, ‘Comply if you would like to.’”
Oklahoma County District 2 Commissioner Brian Maughan is not up for reelection this year, but he is still required to file regular Ethics Commission fundraising reports. He said that who donates to candidates and how much money they raise is of interest to the public. Indeed, some citizens expressed concern leading up to and after February’s municipal elections that they were unable to see candidates’ full financial disclosures.
“It’s not often that we get major press coverage for these local races,” Maughan said. “That’s why I think it’s been important for the citizens to be able to go down there and retrieve our records, because a lot of the time, if the public is going to find out, it’s usually from their own effort to go and review the records. Over the years, I’ve been really surprised at the number of people who go out and do that. Because it’s important to them to know who’s supporting not only the incumbents, but the challengers.”
Maughan said he was told by the Ethics Commission to retain data on fundraising and give it to citizens who ask him for it.
“What they told me was that, for the time being, you file it with yourself, but we have to produce it upon any citizen requests for it,” he said. “I don’t keep those records at the courthouse, but theoretically, anyone should be able to make it available within one business day. It’s relatively similar to how it was when you would show up at the (county) election board or Ethics Commission and ask for it. You would typically get same-day service. ‘We should still be able to provide that to citizens,’ is the instruction that I received. And we were like, ‘Aren’t you sure that we [shouldn’t] let somebody else just have them on file?’ And they said, ‘No, not for now.’ They said they will get back with us and we will have time to upload it to the new system, but for now, if somebody asks you, you’re still supposed to provide it.”
Arsenal will be forced into selling at least one first-team player at the end of the season as last summer’s $359 million spend catches up with them, a report has revealed.
Arsenal parted ways with vast sums for an array of transfer targets before the campaign commenced, with Eberechi Eze ($90.2 million) and Viktor Gyökeres ($85.1 million) among the expensive additions.
An enormous outlay has facilitated an incredible campaign to date for Mikel Arteta’s side, who are currently perched first in the Premier League and can still secure an unprecedented quadruple of trophies.
However, according to The Telegraph, Arsenal will need to raise funds through player sales this summer to ensure they comply with the Premier League and UEFA’s financial regulations.
Internal discussions are already taking place over which first-teamer(s) could yield the greatest transfer fee and profit to help Arsenal balance the books. A host of names are potentially on the chopping block.
Few Safe From Arsenal Departure
Certain individuals will undoubtedly be off limits when sales are sanctioned at the end of the season—Bukayo Saka, Declan Rice and William Saliba to name a few—but Arsenal might have to be ruthless with their outgoings.
According to the report, even skipper Martin Ødegaard is not immune to being pushed out the exit door, the Norwegian’s low value on Arsenal’s balance sheet paving the way for a mammoth profit if he’s sold. However, he’s still considered a hugely important figure at the club.
Gabriel Martinelli is another who is under consideration given his colossal transfer value, while Gabriel Jesus, Leandro Trossard, Kai Havertz and Ben White are other potential candidates for the boot as their contracts tick down.
Arsenal’s current preference is likely to be offloading one of their two precocious academy graduates: Ethan Nwaneri and Myles Lewis-Skelly. Neither are eager to leave the Emirates Stadium but their sales would count as pure profit given they have come through the club’s youth setup. Past sales of Emile Smith Rowe and Eddie Nketiah show Arsenal are not averse to selling homegrown talents.
The Gunners are expected to be protagonists in the transfer market again this summer as Arteta looks to build a dynasty, while the arrival of Piero Hincapié on a permanent deal worth $60 million adds to their desire to cash in on some of their stars.
Who Should Arsenal Offload This Summer?
Contracts will come under the microscope when Arsenal consider sales. There are currently four players whose deals expire in the summer of 2027—Martinelli, Trossard, Jesus and Christian Nørgaard.
Martinelli and Nørgaard both have clauses allowing Arsenal to trigger a one-year extension and while the latter holds little transfer value, Martinelli would certainly command a hefty fee if he were to depart. The Brazilian has struggled to take the step to superstar status but is still just 24 years old.
Arsenal could therefore turn to Trossard or Jesus. The former will be 32 years old and the latter 30 by the time their deals run out, meaning extensions are unlikely. Cashing in this summer might be the wise move, although neither are likely to be a truly blockbuster sale.
Havertz’s injury issues and the fact his deal expires in 2028 make him a possibility, while White is certainly a luxury option in a well-stocked Arsenal backline.
Fortunately following years of cultivation, Arsenal will be able to cover for sales this summer given their immense squad depth.
READ THE LATEST ARSENAL NEWS, ANALYSIS AND INSIGHT FROM SI FC
Major issues to watch in the 2026 Oregon legislative session
Oregon lawmakers will convene beginning on Feb. 2 in a short legislative session. Here are the major issues they will focus on.
Legislators passed a bill March 5 to modify forthcoming changes to Oregon’s campaign finance system despite outcry from good government groups who say the bill creates new loopholes.
Those groups were key in creating House Bill 4024, which was created and passed in 2024 in place of warring ballot measures seeking to overhaul the system.
That legislation included new limits on contributions, including capping individual spending on statewide candidates each cycle at $3,300, and other changes. Parts of the bill were set to go into effect in 2027 and 2028.
Under the new proposal, House Bill 4018, the limits would still begin in 2027, but disclosure requirements and penalties would be pushed to 2031. It also gives the Secretary of State money to update the campaign finance system, but far less than the office previously thought it might need.
Representatives voted 39-19 to pass the bill. A few hours later, the Senate passed it 20-9.
Fourteen of the “no” votes in the House were Democrats, including Reps. Tom Andersen, D-Salem, and Lesly Muñoz, D-Woodburn.
Muñoz told the Statesman Journal she voted against the bill after hearing from people upset with the bill’s process.
Six Democratic senators cast a “no” vote on HB 4018.
Oregon campaign finance reform advocates say they were left out of negotiations
After working together in 2024, advocates said Speaker of the House Julie Fahey, D-Eugene, “ghosted” them.
Good government groups said the bill does far more than address necessary technical fixes to HB 4024.
HB 4018 is “a complete betrayal of the deal that was made two years ago,” Norman Turrill of Oregon’s League of Women Voters said.
Should the bill be signed by Gov. Tina Kotek, the groups said they will push their own changes through a 2028 ballot initiative.
Those advocates have outlined at least 11 different changes they believe the bill creates. The bill’s contents were first shared through a Feb. 9 amendment that was posted after 5 p.m., hours before it received a public hearing in an 8 a.m. work session on Feb. 10 and later, Feb. 12.
Secretary of State Tobias Read told legislators in January his office was requesting $25 million as a placeholder to fund a new campaign finance system for the state. Read was not secretary of state when House Bill 2024 was passed and his office is now working to implement the bill’s changes on a fast approaching deadline.
An additional amendment to the bill instead gives the Secretary of State’s Office $1.5 million for staff, some of whom would be tasked with updating the state’s current system.
House members agreed March 4 to send the bill back to committee, presumably to be amended. A 5 p.m. committee meeting was canceled about an hour after initially being announced.
A work session on HB 4018 was moved to the next morning. After an hour of delay, legislators convened and finished the meeting, moving the bill back to the floor without any changes, in less than three minutes.
A new campaign finance bill, Senate Bill 1502, was introduced and scheduled for a public hearing and work session March 4.
The bill is “very simple,” Senate Minority Leader Bruce Starr, R-Dundee, said. It tells the Secretary of State’s Office to draft a bill for the 2027 session with necessary campaign finance improvements from HB 4024 and HB 4018.
Three senators voted against the bill March 5. It now moves to the House. Legislators have a March 8 deadline to end the session.
“SB 1502 would not correct the severe damage to campaign finance reform that will occur, if HB 4018 B is enacted in this session,” Dan Meek of Honest Elections Oregon wrote in submitted testimony.
Lawmakers appear unsatisfied, but supportive, toward Oregon campaign finance bill
House Majority Leader Ben Bowman, D-Tigard, said HB 4018 made positive changes but acknowledged it was “a challenging vote for many of us.”
“We are implementing this whole new system that is new for all of us, and there are a lot of opinions and there are a lot of details to figure out,” House Minority Leader Lucetta Elmer, R-McMinnville, said. Elmer and Bowman carried the bill in the House. “With that being said, we’re moving forward in good faith, knowing that we’ll also be coming back next year to make sure that those details and all those kinks are worked out.”
Rep. Mark Gamba, D-Milwaukie, said he was concerned about the bill and the “non-inclusive process” that led to it.
Gamba pointed to a letter from the Washington, D.C.-based Campaign Legal Center that states in part that the bill “would substantially revise critical campaign finance reforms enacted two years ago in Oregon” and weaken the state’s campaign finance law.
The current bill is not the only possibility for moving forward, Sen. Jeff Golden, D-Ashland, told lawmakers. Proposed amendments that would have extended implementation timelines without the additional changes were ignored, he said.
“House Bill 4024 and this bill, 4018, have two things in common. One, they were thrown together in a few days behind closed doors, mostly by organizations who dominate campaign funding in the current system,” Golden said. “And two, very few legislators understand what is actually in these bills.”
He urged lawmakers to abandon the system created in House Bill 4024 as an “uncomfortably expensive learning experience” and develop a new plan based on successful programs in other states.
Sen. Sara Gelser Blouin, D-Corvallis, also spoke against the bill on the Senate floor.
“The concern that I had and that my constituents had was technical changes are one thing, but it should not be increasing the amount of money that candidates can take in or hold or carry over,” Gelser Blouin said. “Unfortunately, as it’s drafted, this bill does all of those things.”
HB 4024 is too complicated and “unimplementable” without the fixes in HB 4018, Starr said.
Sen. Lew Frederick, D-Portland, agreed, saying HB 4018 and SB 1502 give reassurance about a system he has concerns about.
“If there were no cameras and the lights were off, I think most people would agree this is not the bill we want,” Rep. Paul Evans, D-Monmouth, said.
Some lawmakers expressed similar feelings of discontentment with the bill in Ways and Means and one of its subcommittees on March 3, but said they felt it was important to make some progress on the issue. Discussions could happen again in 2027, they said.
Rep. Nancy Nathanson, D-Eugene, who ultimately voted in favor of the bill, said March 3 supporting it “is a very painful choice to make.”
Statesman Journal reporter Dianne Lugo contributed to this report.
Anastasia Mason covers state government for the Statesman Journal. Reach her at acmason@statesmanjournal.com or 971-208-5615.
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