ABC announces the launch of a working framework for sustainable financing (“Work Frame”), which is a comprehensive guide that shows the bank’s approach and style in the field of sustainable financing.
The framework defines clear criteria for green, social, sustainable financing projects and sustainable projects related to sustainability, ensuring compatibility with the Sustainability strategy of ABC Group.
On this occasion, Mr. Sail Al -Waeri, CEO of ABC Group, said: “The banking sector plays a major role in facilitating the shift towards a more sustainable global economy. At ABC Bank, we put a sustainability at the heart of our strategy, and sustainable financing is a basic corner of this commitment.
The inauguration of a working framework for sustainable financing is an important stage in our career, allowing us to continue to support our customers to achieve their sustainable goals. “
The workframe has been prepared according to international best practices, and it defines environmental and social standards that funding activities must be met to be classified as sustainable activities.
As part of the bank’s commitment to proper and transparent governance, ABC Bank received independent evaluation by a second party and an external review by ISS-Corporate, a global company for independent evaluation services.
ISS-CORPORATE stressed that our framework is fully in line with the principles of green bonds, the principles of social bonds and the guidelines of the sustainability bonds that are all issued by the International Capital Market Association (ICMA), and the Foundation also emphasized the compatibility of our workforce with the principles of green loans and social loans issued by the Association of Loan Market (LMA), in addition to the work framework contributing to achieving United Nations goals for sustainable development.
The framework is subject to a periodic review in line with the market practices, and the bank intends to submit annual reports on the impact of the framework, and publish it through its website.
The work framework for the ABC’s sustainable financing can be found through this link.
To view the independent evaluation from the second party conducted by ISS Corporate, please visit this link.
