The Africa Banking Corporation (ABC) has taken a significant step towards environmental sustainability by joining the European Investment Bank’s (EIB) Greening Financial Systems (GFS) initiative. This collaboration aims to enhance ABC’s climate risk management framework, aligning it with global standards, including those set by the Central Bank of Kenya.
The GFS technical assistance program provides customized support to central banks, supervisors, and financial institutions worldwide to build climate-resilient financial systems. Over the coming months, ABC bank staff will work closely with technical advisory experts from the EIB and Development Alternatives Inc. (DAI) to advance their green financing initiatives.
The partnership kicked off with a workshop attended by ABC bank staff and DAI consultants, led by Marjan Stojiljković and Enrique Rebolledo. The event marked the beginning of a collaborative effort to strengthen ABC Bank’s integration of climate risks into their risk management framework and align operations with global standards.
ABC’s Group Managing Director Shamaz Savani and GFS Program Manager Dragana Tanasić emphasized the importance of this collaboration. Savani noted that the partnership is a milestone in ABC’s journey towards sustainability, with the technical assistance from EIB and DAI experts expected to significantly enhance the bank’s green financing initiatives.
Supported by the International Climate Initiative Fund (IKI Fund) and the German Federal Ministry of Economic Affairs and Climate Action (BMWK), the GFS initiative represents a joint effort to support the NDC Partnership’s ‘Readiness Support for Greening Central Banks’ initiative. This partnership aims to make meaningful contributions to a healthier environment and a better society.
Through this program, ABC bank staff will receive assistance to foster an environment conducive to green investments, manage climate risks, and enhance their capabilities. They will explore green financing opportunities for their clients, contributing to a more sustainable economy.
“This partnership sets a commendable example for other financial institutions considering green financing,” said Dragana Tanasić. The collaboration is expected to yield significant positive outcomes for ABC Bank and the broader community, paving the way for a more sustainable and climate-resilient financial system.
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