QNB ALAHLI launches first program for green retail financing

03 / 04 / 2023

By Marwa Nassar - -

QNB ALAHLI launched the first program for green retail financing in collaboration with the European Bank for Reconstruction and Development (EBRD) and with the support of the European Union and the Green Climate Fund (GCF).

This conforms to the Central Bank of Egypt (CBE)’s strategy for promoting sustainability and sustainable finance as well as green economy within the framework of the state efforts to achieve the Sustainable Development Goals (SDGs) and secure a healthy and clean climate free of carbon emissions.

The new program allows its customers to benefit from 10% cash back on retail banking facilities, such as cash loans when purchasing energy-saving and eco-friendly products that depend entirely on sustainability.

QNB ALAHLI is the first bank in Egypt to offer EBRD financing for individuals in addition to existing agreements that develop green projects, energy and water efficiency and renewable energy.

This will promote the use of top-notch technologies and services in climate change mitigation and adaptation activities in addition to facilitating transition to green economy in Egypt.

The program is the first of its kind to include retail and housing sectors.

For his part, Mohamed Badir, CEO of QNB ALAHLI, stressed the bank’s keenness to enhance efforts for transition to green economy through offering many innovative services and new financing programs, pointing out that the bank plays a major role in supporting owners of companies and small and medium enterprises (SMEs) that take into account the environmental and social dimensions as well as sustainability principles.

Badir added that QNB ALAHLI was one of the first banks to launch the contactless electronic payment bracelet to cater for the needs of youths, noting that this has contributed to reinforcing the bank’s success that was crowned by winning the 2022 Best Bank for Financial Inclusion Award from the major international institutions in the field of retail banking services.

QNB ALAHLI takes all measures that go in line with the principles of responsible banking in order to contribute to stimulating sustainable financing to achieve the goals of the Paris Climate Agreement and the SDGs in addition to implementing plans of the Central Bank of Egypt and Egypt Vision 2030.