Emirates NBD-Egypt Signs Egyptian Pollution Abatement Program

Cairo Egypt, December 5, 2023: As part of its unwavering commitment to sustainability and environmental responsibility, Emirates NBD-Egypt, a leading banking institution, has recently signed the Egyptian Pollution Abatement Program (EPAP). This strategic collaboration with the Egyptian Environmental Affairs Agency under the Ministry of Environment showcases Emirates NBD-Egypt’s dedication to aligning its sustainability practices with national and global best practices and the Sustainable Development Goals (SDGs).

In line with its institutional approach to sustainability, Emirates NBD-Egypt aims to foster partnerships that support the growth of various sectors in the Egyptian industry. The primary objective of this cooperation protocol is to support small and medium industries to ensure compliance with environmental laws, reduce energy and resource consumption, by promoting the adoption of environmentally sustainable practices for cost reduction and competitive advantages, and achieve the principles of circular economy. The importance of the industrial pollution control program is that it is one of the oldest environmental programs in Egypt, where the first phase was started in 1997, It is one of the largest projects in the Middle East in the field of combating industrial pollution and using cleaner production technology in the Egyptian industry.

Dr. Amgad Doma, Chief Strategy and Sustainability Officer highlighted the significant importance of this partnership in line with the bank’s commitment towards sustainability: “We are delighted to announce our new partnership with EPAP marking a significant stride in addressing sustainability challenges. This collaboration underscores our commitment to driving positive environmental impact and signifies a pivotal step towards a more sustainable future.”

By signing the EPAP protocol, Emirates NBD-Egypt takes the first step in integrating sustainable practices into its business model complying with Egypt’s oldest environmental programs. The ultimate objective is to achieve economic growth while simultaneously mitigating pollution, greenhouse gas emissions, and waste, and optimizing natural resource utilization. This commitment aligns with the vision of Egypt 2030, supporting comprehensive development in the economic, social, and environmental sectors, especially the fifth goal of environmental sustainability. It is also in line with the global goals for sustainable development in 2030, especially the thirteenth goal on climate action and the seventeenth goal on partnerships to achieve the goals. Furthermore, Emirates NBD-Egypt provides flexible financing packages for industrial establishments in both the public and private sectors, showcasing its commitment to driving sustainable development across Egypt.

Dr. Hossam Ezzeldin, EPAP Director states: “The addition of Emirates NBD-Egypt to our cooperating banks’ list will reinforce EPAP outreach within SME industries and enlarge our footprint to share benefits of this Green Finance program with larger numbers of end-beneficiaries.”

EPAP, funded by several development partners, namely the European Investment Bank, the German Development Bank, and the French Development Agency, is one of the important initiatives of the Ministry of Environment, designed specifically to support industrial facilities to improve the environmental situation in addition to energy and resource efficiency and achieve the principles of cleaner production by providing soft financing packages to finance environmental investments within industrial facilities in addition to the technical and logistical support provided by the program. Joining this program is a testament to Emirates NBD-Egypt’s commitment to promoting the growth and sustainability of the industrial sector in Egypt.

The bank is intensifying its efforts to promote sustainability by not only developing sustainable banking solutions but also financing green projects. Moving beyond green bonds, the bank aims to forge partnerships with global entities to curtail greenhouse gas emissions throughout their operations, logistics services, bank facilities, and transportation. With this approach, Emirates NBD-Egypt distinguishes itself as an industry leader in green finance and sustainable development.

Emirates NBD-Egypt’s commitment to green finance and sustainable development distinguishes it as a trailblazer in the industry. By prioritizing environmental responsibility and leveraging strategic partnerships, the bank is well-positioned to drive positive change, contribute to the realization of the SDGs, and advance the green economy.