ABK-Egypt issues its First Sustainability Report & Carbon Footprint Report

In alignment with the national directions and the efforts of the Central Bank of Egypt towards transitioning to green economy, and in accordance with Egypt’s Vision 2030 to achieve sustainable development, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) has issued its first sustainability report for the year 2023 in line with the Global Reporting Initiative (GRI). The report reflects the Bank’s performance based on sustainability standards and covers the Bank’s key achievements and initiatives during the year 2023 as well as its milestones on economic, social, environmental, and governance levels. Additionally, the Bank issued its Carbon Footprint Report that measures carbon emissions from all its branches and premises across the country for the year 2023, along with a comprehensive decarbonization plan to reduce carbon emissions resulting from the Bank’s various activities and operations.

Commenting on this achievement, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, stated: “It gives me great pride that the Bank has issued its sustainability and carbon footprint reports, which stand as a testament to our successful journey towards a better future and details the significant progress the Bank has made during the year 2023 and its commitment to all sustainability practices with utmost transparency. ABK-Egypt’s first sustainability report is in full accordance with the GRI, SASB and TCFD standards and is also aligned with the global principles and frameworks in the field of sustainability, including the United Nations Global Compact (UNGC) and the 17 United Nations Sustainable Development Goals (UN SDGs). The report also highlights the Bank’s journey in launching corporate social responsibility initiatives, reflecting our commitment to the community and our active contributions through effective partnerships with non-profit organizations. Additionally, the report underpins the Bank’s role in promoting financial inclusion and the transition to a cashless society by raising awareness on financial literacy and reaching out to unbanked segments.”

Mr. Khaled El Salawy, further stated that in 2023, the Bank established a dedicated department for sustainability and sustainable finance in line with the Central Bank of Egypt’s directives. The Bank has also set a three-year strategy from 2024 to 2026, which was integrated within ABK-Egypt’s corporate objectives to ensure the implementation of sustainability standards and practices in all our business plans. Our Direction is based on several pillars to achieve strategic growth and profitability, meet the needs of all customers, equip our branches to serve customers with special needs, and work on reducing risks and investing in technological infrastructure. Additionally, the Bank has designed and developed a model for managing environmental and social risks in its financing activities and established a dedicated function to assess the environmental and social risks related to financing activities, which falls under the Bank’s Risk Management sector.

It is worth noting that ABK-Egypt issued its first carbon footprint report covering its headquarters in 2021. The importance of issuing such reports lies in providing a precise and clear vision of our strategy towards sustainable growth and integrating environmental, social, and governance (ESG) practices into various Bank activities.