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Finance in Motion praises Egyptian banking sector for suitability progress
Mohamed Morsy, Country Head of Finance in Motion for Egypt and Yemen, praised key players and regulators in the Egyptian banking sector for achieving such progress in the sustainability financing domain.
“Egypt also issued last year the first green bond in the whole Arab world at dlrs 700 million,” he said on Monday during the 11th Corporate Social Responsibility Forum (CSR Forum) which is held under the theme of “Sustainability from Adoption to Localization… the Path to Recovery”.
“The banking sector is very important as it is the financier of the economy, we have several banks now issuing sustainability reports and having environmental and social management system embedded in their own policies and procedures,” he said
He said “I’d like to praise the Egyptian regulators and key players in the banking sector for making such progress, but there is a lot of work needs to be done.”
“It is good to have good frameworks and sustainability reports issued, but we need to have this full-fledged environmental and green lending measures embedded in everything that the banking or the financial sector does in Egypt.
“This is our role ..that is what we have been doing Finance in Motion is operating in 45 countries and all our lending activities are on sustainability, green finance, etc. Every single penny that we lend has to be green and what we do is that when we lend or invest in any institution, corporate, bank, company, etc, we make sure that if they do not have the sufficient sustainability and green measures that we help them and we support them and we do this by a variety of measures..then we help them have fully-fledged sustainability strategy in the link to their mission and goal.”
Finance in Motion goes even further by “training staffs to ensure that they are aware and understand very well what green lending really means” and what they need to do with regard to carbon footprint, water use, electricity consumption, etc.
“We educate people and their clients on the importance of green finance and this will reflect positively not just in the communities they operate in, but also on the borrower or the client himself,” he said.
He concluded that he is looking forward to seeing more progress achieved.
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