(MENAFN- Daily News Egypt) Hassan Ghanem, CEO and Managing Director of the Housing and Development Bank (HDB), revealed that the bank has allocated funds to serve the principles of sustainable financing in 2023, amounting to EGP 2.556bn, in the sectors of corporate financing, joint loans, and small and medium enterprises (SMEs). He pointed out that these funds are equivalent to about 12% of the bank's total financing portfolio.
This came during Ghanem's participation in a panel discussion on sustainability and the role of banks in green finance during the People and Banks Conference last weekend.
During the session, Ghanem stressed that the bank believes in the importance of establishing sustainability standards, which is seen in the bank's strategy, given its importance in supporting financial and banking stability.
Ghanem also expressed his pride in the bank's participation in financing several strategic national projects that support the state's trend towards a green economy and sustainable development. The investments in that aspect exceeded EGP 40bn.
The CEO noted that the bank contributed to financing a project to establish two water lifting stations to reclaim 362,000 feddan in the Dabaa axis. In addition, the bank's contribution to funding the Canal Sugar Project – Minya Factory, which aims to transform Egypt from an importer to an exporter of sugar, in addition to contributing to the funding of the South Valley Development Project in the Toshka area to reclaim 375,000 feddan. This aims to overcome the food gap by increasing agricultural land and increasing agricultural exports.
In the field of the healthcare sector, Ghanem highlighted the bank's contribution to funding a project to establish Dahab Central Hospital to provide medical services to the residents of South Sinai governorate, in addition to financing the Abu Qurqas Hospital project in Minya governorate within the main initiative“Decent Life”, to provide medical services within the comprehensive health insurance system.
Ghanem stressed that the Egyptian banking sector will always remain an essential partner in achieving economic growth and sustainable development, in addition to its role in achieving the state's Vision 2030. He said that the Egyptian banking sector is taking rapid steps towards transitioning to green economy applications to deal with future risks, monitor potential opportunities for green development, reduce the negative effects of climate change, and achieve sustainable development under Egypt's Vision 2030.
Ghanem also praised the efforts made by the state and the banking sector, led by the Central Bank of Egypt (CBE), in developing a strategy for transitioning towards a green economy. It aims to mitigate the effects of climate change and enhance the role of green banking in sustainable development through increasing green investment.
He pointed out that CBE issued many instructions and initiatives to strengthen the role of the banking sector in achieving the state's vision, accelerating the transition towards a green economy, and addressing environmental and social risks.
During the conference, Ghanem, in cooperation with the Egyptian Banking Institute (EBI) and the Arab Media Center, honoured the youth of the banking sector who won a research competition entitled“The role of artificial intelligence in improving banking services: The future of virtual currencies for central banks between opportunities and challenges.”
Ghanem said that this comes within the framework of HDB's belief in the importance of supporting geniuses and distinguished people in all fields, especially the youth of the banking sector, by encouraging them to transform creative ideas into real projects, especially in the field of sustainability and the shift towards a green economy, as a strategic step towards reducing the environmental risks associated with the economy, in line with CBE's strategy to achieve sustainable development and Egypt's Vision 2030.
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