ADCB Egypt and UNIDO Team Up for Sustainable Economy Growth

ADCB Egypt and UNIDO Team Up for Sustainable Economy Growth

By Staff Writer, 26 January 2024

Abu Dhabi Commercial Bank Egypt (ADCB) has officially become a participant in the Inclusive Green Growth in Egypt (IGGE) program, in collaboration with the United Nations Industrial Development Organization (UNIDO).

The initiative is geared towards supporting small and medium enterprises (SMEs) as they transition toward a more environmentally sustainable economy.

Key sectors targeted by the program include renewable energy, resource efficiency, sustainable agriculture and food production, as well as waste management.

The announcement of this collaboration took place at the ADCB headquarters, where Hisham Abbas, Head of Financial Institutions and Corporate Finance and Executive Member of the Board of Directors, representing ADCB, and Patrick Jean Gilabert, Representative of the Regional Office Hub in Egypt of UNIDO, disclosed the details.

The event was attended by senior managers from both ADCB and UNIDO.

In line with ADCB’s commitment to sustainability, UNIDO will provide crucial technical support and assistance to the bank’s clients and staff.

The aim is to facilitate the issuance of sustainable financial and non-financial products and services that bolster climate financing, aligning seamlessly with the objectives and strategy of ADCB Egypt.

As part of its sustainability strategy, ADCB has introduced the inaugural sustainable corporate account in Egypt.

Tailored specifically for companies seeking to manage their finances while simultaneously working towards a sustainable economy, this initiative aligns with Egypt’s Sustainability Plan 2030.

Moreover, it is in harmony with the broader strategy of the Abu Dhabi Commercial Group, which recently joined the Net Zero Banking Alliance.

This alliance, comprised of over 130 leading international banks, is dedicated to aligning lending and investment portfolios with the target of achieving climate neutrality by 2050 or earlier.

Participating banks commit to meeting the necessary requirements to limit global warming.

Source: Hossam Mounir / Daily News Egypt

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