QNB ALAHLI signs the principles of responsible banking of the UNEP Finance Initiative

Posted on : Wed, 21 Sept 2022

QNB ALAHLI becomes a signatory of the United Nations Environment Programme Finance Initiative (UNEP FI) and the Principles for Responsible Banking (PRB).

QNB ALAHLI, a subsidiary of QNB Group, the largest financial institution in the Middle East and Africa, has become a member of the United Nations Environment Programme Finance Initiative (UNEP FI) and a signatory to the Principles for Responsible Banking (PRB).

QNB ALAHLI’s membership in the UNEP FI stems from its belief in the importance of the role of sustainable finance. The membership supports global and national sustainable commitments and goals. The UNEP FI encourages and promotes financial institutions to create a sustainable finance sector and facilitates knowledge development and sharing to help shape and scale up sustainable finance.

The PRB provides a framework for signatory banks to align their strategy and practices with the commitments set out by the United Nations Sustainable Development Goals (UNSDGs) and the Paris Climate Agreement. The PRB framework consists of six principles designed to bring purpose, vision and ambition to finance to achieve a sustainable future.

QNB ALAHLI’s membership in the UNEP FI comes ahead of, and in support of the Conference of the Parties (COP27) which will be held later this year in Sharm El-Sheikh, Egypt.

Mohamed BEDEIR, CEO of QNB ALAHLI said: “As a leading financial institution adding substantial value to the Egyptian financial sector, our products and services create value for our stakeholders. We do this, first and foremost, by inculcating a culture of sustainability across the organization and secondly by embedding sustainable practices into our business.”

He added: “Our sustainability framework consists of three pillars, sustainable finance, sustainable operations and beyond banking. All three pillars support our ambition of positively impacting the communities we operate in. Over the years, QNB ALAHLI has also played a critical role in financing projects that support the transition to a more carbon neutral economy in Egypt.”

QNB ALAHLI has supported a number of new projects in the Egyptian market such as solar power plants, waste recycling and alternative fuels, contributing to a reduction in carbon emissions. QNB ALAHLI’s sustainability strategy helps shape the future of people and communities by minimizing the negative impact on the environment.