Introducing Principles of Responsible Banking at international conference in Paris
For the first time, the Principles For Responsible Banking, will be launched at the Global Meeting of the Roundtable on the Initiative in Paris, where principles will be put forward for consultation by financial institutions until September 2019.The principles aim to emphasise the role of banks towards the environment and society, to reach the sustainable development goals of the Paris Climate Convention and the United Nations Sustainable Development Goals (SDGs).
The Arab African International Bank (AAIB), has played an active role in the activities of the Nations Environmental Programme Finance Initiative, a 27-banking institutions with assets of $17tn in five continents, to put the principles which solidified responsible banking, and grants the bank the structure that can integrate sustainability in banking transactions.The bank has also led one of the core working groups responsible for issuing the guiding principles for the application of these principles, in collaboration with Piraeus Bank.The bank also led another group with Piraeus Bank and the Industrial and Commercial Bank of China on formulating the prerequisites for joining the initiative and the consolidation of the principles, and the formulation of the annual report required of all the signed banks to evaluate their performance, and to confirm their commitment to applying these principles.
The signing of the principles by the banks when they are put forward again in 2019 - after the conclusion of the consultation period which began yesterday - to publicise its commitment and take responsibility for its positive or negative impact on the factors of the environment, economy and society. In this context, it will be agreed on the common objectives of the signed banks to work towards achieving them, in order to manage their most negative impacts, and to increase their positive impact to achieve the objectives of sustainable development locally and internationally.
The bank was represented Head of Sustainability and Marketing, Dalia Abdelkader, who was assigned to present the bank and Egypt’s experience in promoting sustainable financing, and to address the Egyptian banks’ approach to sustainable financing in Egypt. She has been assigned as a representative of the initiative in the Middle East, to spread the principles among financial institutions and to motivate them to adhere to them. In this regard, she said that the principles of responsible banking are the first international move by financial institutions to introduce a new culture and practices which create a synergy between finance and sustainable development objectives. She added that the principles will serve as a benchmark for the banks’ credibility in the coming period,and their ability to create new horizons for balanced growth.