Listen to this article
Coinciding with the launch of the Green Facility Program as an innovative banking solution to address climate change
Cairo, November 2024 – World Union for Arab Bankers hosted the “Excellence and Banking Achievement Awards 2024” ceremony, where Abu Dhabi Commercial Bank (ADCB) was honored with the award for “Excellence and Achievement in Supporting Sustainable Finance and Climate Action in Egypt for 2024.” The event was attended by prominent leaders from Arab banks, international institutions, and regional organizations. Hisham Abbas, Executive Board Member and Head of Corporate Finance and Financial Institutions, received the award on behalf of ADCB-Egypt, accompanied by senior executives from the bank.
Commenting on the recognition, Ihab ElSewerky , CEO and Managing Director of ADCB-Egypt, stated:
“We are proud to receive this award, which aligns with our vision of the importance of sustainability and sustainable finance , where banks play a critical role in advancing the transition to sustainability. Tackling climate change is among the top priorities of the Egyptian government, as reflected in its National Climate Strategy 2050. We are committed to supporting the Egyptian economy and our clients in their journey toward a more sustainable future by offering innovative banking solutions to address climate challenges, in line with ADCB Group’s strategy and vision. Sustainability is a key focus for the bank and its board, with a robust governance framework ensuring steady and swift progress in executing our sustainability strategy.”
This recognition coincides with the launch of ADCB’s Green Facility Program, an innovative financing solution to combat climate change by supporting the green economy. The program offers tailored financial solutions and banking products incorporating environmental, social, and governance (ESG) considerations in financing activities. It aims to empower small, medium, and large enterprises to transition to the green economy by supporting energy efficiency, renewable energy adoption, and compliance with green building standards (Green Building Certificates).
The program also provides a range of incentives to encourage clients, such as financing tools and machinery with extended repayment terms, additional benefits, and technical support for eligible companies. Through this initiative, ADCB reinforces its commitment to sustainability principles in the financial sector and expands its financing for environmentally-conscious projects. As of June 2024, the bank’s sustainable finance portfolio reached EGP 4 billion. The bank has set a target for sustainable financing to constitute 15% of its total loan portfolio by 2030, supported by the introduction of a range of sustainable banking products and services, including Egypt’s first sustainable corporate account and a suite of sustainable financing programs for environmental and social projects to support the Egyptian economy and its customers in their journey towards a more sustainable future.
Earlier this year, ADCB announced its participation in the Inclusive Green Growth Program in Egypt (IGGE), a collaborative initiative with the United Nations Industrial Development Organization (UNIDO) to support SMEs in transitioning to a green economy. On the community development front, the bank recently inaugurated sustainable development projects in Marsa Matrouh Governorate, providing clean energy, water, and food to local residents in partnership with Schneider Electric. Additionally, the bank is committed to sustainability standards in the construction of its new headquarters in New Cairo, which adheres to global green building standards.
