ADCB Egypt Highlights Sustainability Achievements With EGP 4Bn Portfolio In Mid-2024

12/7/2024 2:39:13 PM

(MENAFN- Daily News Egypt) Abu Dhabi Commercial bank (ADCB) Egypt has reaffirmed its dedication to sustainability within the banking sector by prioritizing projects that promote environmental and social responsibility. As of June 2024, the bank's sustainable financing portfolio reached EGP 4bn, reflecting its commitment to sustainable development. ADCB has set an ambitious goal to ensure 15% of its total loan portfolio is allocated to sustainable financing by 2030.

The bank has introduced several groundbreaking products and services aimed at fostering sustainability, including Egypt's first sustainable corporate account. This is complemented by tailored financing programs designed to support environmental and community projects, aiding the Egyptian economy and its clients in transitioning to a sustainable future. Earlier this year, ADCB joined the Inclusive Green Growth Program in Egypt (IGGE), a collaborative initiative with the United Nations Industrial Development Organization (UNIDO) to assist SMEs in adopting green economic practices.

ADCB's sustainability efforts extend beyond financing. In Marsa Matrouh, the bank has initiated development projects to provide clean energy, water, and food in partnership with Schneider Electric. Additionally, ADCB is adhering to rigorous international standards for environmentally friendly construction in building its new headquarters in Fifth Settlement, demonstrating its commitment to green community development.

The bank's contributions to sustainability were recognized when it received the Banking Excellence and Achievement Award in Supporting Sustainable Finance and Climate Action in Egypt for 2024 from the World Union of Arab Bankers. The award was presented during a ceremony attended by prominent figures from the Arab banking sector and international organizations, underscoring ADCB's leadership in sustainable finance.

Ehab El-Swerky, CEO and Managing Director of ADCB Egypt, expressed pride in the award, highlighting its alignment with the bank's vision and Egypt's National Climate Change Strategy 2050. He emphasized that banks play a pivotal role in addressing climate challenges, and ADCB is committed to supporting both the national economy and its customers through innovative solutions that align with the ADCB Group's broader sustainability strategy. El-Swerky also emphasized the importance of governance frameworks to ensure the bank's sustainability objectives progress efficiently and effectively.

In line with these efforts, ADCB recently launched the Green Facility Program for companies, offering innovative financial solutions to support the green economy. This initiative enables businesses of all sizes-small, medium, and large-to adopt practices that enhance energy efficiency, invest in renewable energy, and secure green building certifications. By aligning financing activities with environmental, social, and governance (ESG) principles, ADCB continues to lead the way in integrating sustainability into Egypt's financial landscape.

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