Emirates NBD Egypt Issues its First Annual Sustainability Report

Affirming its steadfast commitment to sustainability, Emirates NBD Egypt has released its inaugural annual sustainability report, covering the period from January 2021 to December 2023. In line with its overarching strategy, the report outlines the environmental, social, and corporate governance standards implemented by Emirates NBD Egypt. The report adheres to the latest global benchmarks set forth by the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and the International Integrated Reporting Framework (IR). Moreover, it aligns with Egypt’s Vision 2030, the United Nations Global Compact (UNGC), and the United Nations Sustainable Development Goals (SDGs). Such alignment not only strengthens the bank’s position as a leader in the Egyptian banking sector but also cultivates a sustainable culture throughout the organization.

The report reflects the bank’s strategic approach on environmental, social, and governance (ESG) levels across its operations. This aligns seamlessly with the rapid steps taken by Emirates NBD Group, aimed at achieving sustainable development to meet the needs of all relevant stakeholders, including clients, investors, as it underscores a proactive approach in addressing potential risks.

Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, stated: “We firmly believe that solidifying the bank’s position in the banking sector and achieving accelerated growth rates are inherently linked to embracing sustainability principles, which have become integral to Emirates NBD Egypt’s strategy. We advocate for creating a positive environmental and societal impact to ensure a brighter future for coming generations.”

Dr. Amgad Doma, Chief Strategy and Sustainability Officer at Emirates NBD Egypt, clarified: “Our ESG strategy is built on four pillars: profit with purpose, responsible operations, impact-driven culture and governance with a focus on sustainability. Through meticulous integration, sustainability has emerged as the cornerstone of our strategic framework, propelling us towards our organizational objectives. This vision has manifested in the establishment of a dedicated Sustainability and Sustainable Finance department within the bank. Today, we mark a significant milestone with the release of our inaugural sustainability report, cementing our unwavering commitment to transparency. This report not only serves as a testament to our dedication, but also initiates a robust monitoring mechanism, ensuring sustainable impact and value creation for all stakeholders – our clients, society, and our valued employees.

On the environmental front, Emirates NBD Egypt has initiated a program to finance solar panel projects, boasting a capacity of up to 1,500 kilowatts per month. Additionally, the bank has implemented rigorous measures to reduce carbon emissions and bolster clean energy practices across its facilities. These efforts include comprehensive waste management and recycling programs at the headquarters, enhancements in central lighting, and the adoption of Variable Refrigerant Flow (VRF) systems. These initiatives have resulted in an impressive 40% reduction in electricity consumption, a significant 20% decrease in paper usage, and the recycling of over 17 tons of paper.

Moreover, the bank has reinforced its commitment to environmental stewardship by forging a partnership with The Egyptian Pollution Abatement Program (EPAP). This strategic alliance with the Egyptian Environmental Affairs Agency under the auspices of the Ministry of Environment aims to empower small and medium manufacturing companies to optimize resource utilization and reduce carbon emissions.

Regarding the societal sustainability front, Emirates NBD Egypt’s sustainability report exemplifies a robust dedication to corporate social responsibility, prioritizing principles of diversity and equality in the workplace as well as creating more job opportunities in the Egyptian market. With a strong belief in the importance of empowering the youth, the bank has significantly augmented the number of young employees, comprising 37% of the workforce. Moreover, women constitute 43% of the total workforce.

The bank remains resolute in its commitment to empowering women and recognizing their vital role in local communities, The bank aims to enhance women’s quality of life and foster skill development through projects and collaborations with ButtonUp, facilitating the empowerment of women in Ezbet Khairallah through initiatives like the “Sewing the Seeds” project, which was launched to equip 100 women with sewing and embroidery skills, enabling their integration into the labor market. Additionally, the Taproot project trained 180 women and youth to produce and market environmentally friendly products, which were showcased during the COP27 climate conference in Sharm El-Sheikh in 2022.

The bank is committed to providing comprehensive banking services to all segments of society. It has modernized and developed banking programs for youth.  The bank is also dedicated to supporting customers with special needs, offering customized products and services such as assistive technology, Braille transactions, employees trained in sign language, and protocols for interacting with them. Additionally, the bank introduced the “Azm” package, which includes discounted banking products and fees. Moreover, the bank witnessed a noticeable surge in support for microfinance clients, evidenced by a 22% increase in Micro finance clients in 2023.

While on the governance front, Emirates NBD Egypt upholds a firm and consistent policy as the cornerstone of its commitment to accountability, transparency, and continuous value creation. The bank firmly believes that effective governance is an essential element that drives responsible growth and long-term success. The bank is distinguished by a dedicated governance policy that works to instill governance principles among shareholders, board members, employees, and other stakeholders. Due to its unwavering dedication to adhering to diverse sustainability standards, Emirates NBD Egypt witnessed robust economic performance in 2023, achieving a net profit of EGP3.23 billion compared to the preceding year.

The inaugural sustainability report of Emirates NBD Egypt encapsulates the steadfast dedication to sustainability principles across all facets of operation over a three-year period, in accordance with the highest international standards ensuring content accuracy and transparency.

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