Arab Bank – the First Bank in Jordan to Establish a Sustainable Finance Framework
(MENAFN- Memac Ogilvy) As part of Arab Bank’s efforts towards integrating Sustainability into its operations, the Bank has launched its inaugural Sustainable Finance Framework, which will support its sustainability commitments and environmental, social and governance (“ESG”) priorities.
Arab Bank is the first financial institution in Jordan to issue such a Framework, which is aligned with the four core components of the Green Bond Principles 2021 (“GBP”), Social Bond Principles 2021 (“SBP”) and Sustainability Bond Guidelines 2021 (“SBG”) published by the International Capital Market Association (“ICMA”), as well as the Green Loan Principles 2021 (“GLP”) and Social Loan Principles 2021 (“SLP”) published by the Loan Market Association (“LMA”).
The Bank has obtained a Second Party Opinion from S&P Global Ratings which has affirmed the Framework’s alignment with the aforementioned ICMA and LMA principles.
Arab Bank intends to use the Framework as the basis to issue sustainable debt instruments to advance projects that will contribute to climate action, employment generation as well as support the United Nations Sustainable Development Goals (“SDGs”).
Commenting on the launch of the Framework, Ms. Randa Sadik – Arab Bank’s CEO said: “We are delighted to have published our Sustainable Finance Framework and Second Party Opinion from S&P Global Ratings. This is yet another significant milestone in our Sustainability journey and a testament to Arab Bank’s efforts towards supporting the ESG agenda and creating a positive impact in Jordan, the MENA region and wherever we operate.”
It is worth mentioning that Arab Bank was the first bank in Jordan and among the first financial institutions in the region to issue GRI based Sustainability reports annually.
To view Arab Bank Sustainable Finance Framework, please click on:
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