EFG Hermes Holding and aiBANK Support the National Initiative for Green Smart Projects in Egypt

EFG Hermes Holding, an impact-driven universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM), and aiBANK, a leading commercial bank specialized in providing a variety of banking services to individuals and businesses, as well as the financing of major development projects, announced today their support of the National Initiative for Green Smart Projects across Egyptian governorates. The program aligns with the principles being presented at the upcoming COP27 hosted by Egypt and is considered an important component of the ongoing efforts to achieve sustainable development within Egypt’s Vision 2030.

The initiative, which also comes as part of Egypt’s National Climate Change Strategy 2050, is a first of its kind in the field of sustainable and climate-smart development. Led by the Ministry of Planning and Economic Development, the initiative aims to develop a comprehensive roadmap at the governorate level for smart green projects and looks at ways to attract the required funding to bring these projects to life. A committee, led by Dr. Mahmoud Mohieldin, the jury chairperson for the initiative, and the UN Climate Change High-Level Champion for Egypt, will select 18 winning projects to present during the upcoming COP27 in Sharm El Sheikh.

EFG Hermes Holding’s participation in this key initiative is part of the Firm’s deeply rooted belief in driving growth that bolsters sustainable development that is vital for local, regional, and global prosperity. For many years, EFG Hermes Holding has been working diligently to encourage the adoption of sustainable investment practices on a Group level and delivering on the UN’s Sustainable Development Goals (SDGs) by driving green growth and making a positive, long-term impact.

In 2018, EFG Hermes Holding was the first financial institution in Egypt to become a UNPRI signatory, and its involvement in this initiative comes as part and parcel of its sustainable development efforts over the past years financing and bringing to life sustainable development projects in Egypt and investing in renewables globally. The latest project in September of this year was a partnership agreement with the Ministry of Education and Technical Education, represented by the General Authority for Educational Buildings, to install clean solar energy in 100 schools in Luxor and Aswan.

Hanaa Helmy, Head of CSR at EFG Hermes Holding and CEO of the EFG Hermes Foundation said: “We’re happy to contribute to Egypt’s climate change strategy, which requires the participation of all sectors of society, including the private sector, NGOs, and civil society. This latest participation in the government’s green initiative builds on the work we actively do in Upper Egypt and is part of our mission to improve the lives of people within our surrounding communities and make a sustainable economic, environmental, and social impact in underserved and underprivileged regions. We’re confident that this initiative will help identify Egyptian ingenuity which in turn will create sustainable solutions that promote social and economic welfare in different parts of Egypt in need.”

Commenting on the initiative, Tamer Mostafa, Senior Director Business and Sustainable Development of aiBANK  said: “At aiBANK, we take environmental issues seriously and are passionately committed to contributing to curbing them. This year, aiBANK issued its first report to measure the carbon footprint of the bank’s head office, and we intend to include all our branches into it very soon. Additionally, the bank signed an agreement with E-Tadweer Egypt and Bekia to recycle and safely dispose all of its waste, which resulted in utilizing wastepaper and directing it for recycling, with proceeds donated to fund “Haya Karima” for the development of Upper Egypt villages. We believe that change is possible when Egyptians collectively work toward the same goal, which is why we’re launching with Bekia a climate campaign across villages in Upper Egypt to raise awareness and educate people on the environmental issues.”

EFG Hermes Holding has been diligently integrating environmental, social and governance (ESG) considerations into all aspects of its operations in its efforts to align its development frameworks with the best international standards and practices. It has also been participating in the annual UN Global Impact since 2011.