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Egypt’s NBE issues for 1st time 3 reports for backing sustainability finance
The National Bank of Egypt (NBE) has for the first time issued three blow-by-blow reports for supporting sustainable financing at the three main sustainability axes; environmental, economic and social levels, in accordance with the United Nations Sustainable Development Goals (SDGs).
The three reports are the GRI Sustainability Report, Social Impact Report and Environmental Footprint Report.
NBE CEO Hisham Okasha said the bank issued the second Sustainability Report of the Global Reporting Initiative (GRI) which is based on the new GRI universal standards that will be binding to all institutions as of January 2023.
The report reflects the importance of assessing banking performance in view of the bank’s achievements and initiatives aiming at realizing low-carbon green economy, inclusive growth, digitization and macro economy, he said.
He said the number of the NBE’s clients reached over 18 million as inclusive growth is not achieved only at the financial level, but extends to innovating developed banking services, empowering cadres, and activating governance in accordance with certain criteria.
He added that the bank offered over $ 1.66 billion in credit facilities to finance green and micro and small enterprises.
Meanwhile, NBE Deputy Chairman Yehia Abou El Fotouh said the bank’s issuance of its first Environmental Footprint Report – under the title of “Towards a Transition to a Low Carbon Economy” – includes five basic axes; the carbon footprint, water footprint, plastic footprint, waste footprint, and land footprint.
The report – on the period from July 2020 to December 2021 – set clear goals for cutting carbon emissions in all the bank’s branches nationwide, with special focus on three main axes aiming at accelerating transition to green economy, promoting low-carbon activities and enhancing green financing.
The NBE has taken the initiative 20 years ago by launching a program for curbing pollution in Egypt, especially in the sectors of transportation and solid waste management, he said.
He added that the bank has promoted four anti-pollution programs; the three-stage Egyptian Pollution Abatement Program (EPAP), the environment commitment program ECO, the Green Economy Financing Facility of the European Bank for Reconstruction and Development (EBRD GEF) and the Green for Growth Fund (GGF).
For her part, NBE Deputy Board Chairperson Dalia ElBaz said the bank issued the first Social Impact Report with an aim to realize the required balance between the bank’s growth and its impact on all social categories.
The report focuses on the main factors for empowering women, youths, entrepreneurs and small and medium-sized enterprises in addition to offering banking services and products for disabled persons.
The report also sought to spread financial awareness among its clients, referring also to the bank’s investment in its human capital.
The bank also played a pivotal social role in various social development domains, topped by health and education, Elbaz added.
This falls within the framework of the serious steps taken by the NBE to merge sustainability standards into the risks mechanism and all operational measures and financing policies of various sectors.
The reports mark an important step in activating sustainable financing roadmap of the bank in coincidence with Egypt’s hosting the 27th United Nations Climate Change Conference (COP27).
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