ADCB launches first sustainable corporate account in Egypt

Daily News Egypt
2 Min Read

Abu Dhabi Commercial Bank (ADCB) Egypt has taken a groundbreaking step by introducing the first sustainable corporate account in the country, aligning with its sustainability goals and Egypt’s Sustainability Strategy 2030. This initiative supports companies in managing funds with a focus on sustainable economic practices and is in sync with ADCB Group’s commitment to the Net Zero Banking Alliance.

ADCB Group aims to amplify its sustainable finance to $34bn by 2030, with a $14bn milestone by 2025. ADCB Egypt targets 15% of its lending portfolio for sustainable finance by 2030, fostering environmental and social projects.

Ihab El Sewerky, CEO of ADCB Egypt, stated: “Banks are pivotal in driving sustainability. In response to the Egyptian government’s National Climate Change Strategy 2050, we’re dedicated to aiding the economy and our clients in adopting sustainable practices.”

El Sewerky highlighted the bank’s strategic steps, including the development of a sustainable finance framework and an environmental and social risk management credit policy. The bank celebrates the launch of the sustainable corporate account and an electric vehicle loan exempt from administrative fees.

The sustainable account offers companies a practical way to boost sustainable investments, complete with periodic impact reports. It also provides digital banking services to encourage sustainable corporate actions. ADCB Egypt plans to introduce more sustainable banking products to expand its sustainable finance portfolio.

ADCB Group is actively participating in the United Nations Climate Change Conference (COP28) in Dubai.

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