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The United Bank today participated in the first economic forum entitled “Influential investment and strengthening the role of the private sector in development”.
It comes under the protection of Dr. Mostafa Madbouly – Prime Minister and in the presence of Dr. Hisham Tawfiq – Minister of Business Sector, Ambassador Nabila Makram – Minister of State for Immigration and Egypt Foreigners, Dr. Ibrahim Ashmawi – First Assistant Minister of Investment Provision and Deputy Minister of Provision and Basil Al-Hini – Chairman and Managing Director of the Group Misr Insurance Holding and Dr. Hazem El-Beblawi – the former Prime Minister and Dr. Hisham Arafat – the former Minister of Transport.
The first economic forum discussed in its sessions several key axes: green finance, dimensions, opportunities and guarantees of realization – Egyptian urbanization and its new message for the implementation of sustainable societies – investment and trade between opportunities and development contribution – communication and information technology digital transformation . by starting to the new republic – to the role of the private sector in Egypt.
In the first session moderated by Sherif Samy – Chairman of the Board of Directors of the Commercial International Bank, entitled “Green Finance: Dimensions, Opportunities and Guarantees of Investigation”, Nevin Kashmiri – Deputy Managing Director of Business Sectors at The United Bank participated with Basil Al-Hini – Chairman and Managing Director of Misr Insurance Holding Group and Sahar Al-Damaty – Former Vice President of Banque Misr and Professor of Banking and Finance at the US University, Hassan Ali – Chairman of the Board of Trustees of the Economic Research Forum, Eng Mohamed Rashid Al-Balaa – Chairman of the Board of Mubasher Financial Group, and Dr Amr Nour El-Din – Adviser to the CEO of the General Investment Authority.
On the role of banks and financial institutions in establishing the foundations of green finance, Nevin Kashmiri explained that banks and financial institutions have a key role to play in empowering institutions and maximizing their role in promoting green growth. And this is by opening new investment horizons for businessmen and motivating them to move towards the application of green economy mechanisms, taking into account the environmental risks and climate change, and the actual evaluation of the project’s dignity from the economic, social and environmental perspectives together. .
Criteria for evaluating the merits of investment projects
Regarding the criteria for evaluating the merits of investment projects, Kashmiri indicated that these criteria are based on three foundations:
- The economic basis is:
- Manage investments in innovations for green banking solutions and financial products.
- And the development of mechanisms to expand the horizons of its business, whether through banking or non-banking mechanisms, especially in the field of modern digital technology.
Which contributes to reducing the banks’ need for new expensive branches. This contributes to the focus on improving customer service, which helps to increase banks’ profitability and maximize their market shares.
2. The social base – represented in the ability of banks to support green financing projects to double development rates and serve the citizen in the first place. As well as the utilization of funds for the purposes of industry, establishment of the national industry and increase of production efficiency to maximize the development yield.
3. Environmental basis – activation of green financing contributes to the process of reducing the carbon footprint resulting from the use of oil or petrol, which causes a reduction in emissions, including carbon dioxide.
The media is a strategic partner to establish a culture of rationalization
Nevin Kashmiri pointed to the role of the media in its various institutions as a strategic partner in establishing a culture of rationalization in many aspects of banking, such as: reducing paper transactions and reducing energy consumption. Providing services to customers through digital mechanisms. As an alternative to going to the branches, which causes a waste of time and effort. As well as replacing the process of paying bills and liabilities online with digital services instead of sending them by mail.
Kashmiri explained that the term “green banking” simply means the promotion of environmentally friendly practices and banking principles within the framework of a general strategy to preserve the environment and take into account the economic and social dimensions for the benefit of humanity today. and future generations in life.
Egypt needs $ 675 billion in sustainable development investments over the next 20 years
Nevin Kashmiri referred to the Global Infrastructure Report, which indicated that Egypt must develop green and smart infrastructure for sustainable economic development and improve investment in human capital by injecting $ 675 billion in investments over the next 20 years. In four main sectors: Energy – Transport – Water – Agriculture.
And Kashmiri added that although many local and international banks and financial institutions have proven their leadership in financing green projects, the green financing portfolio still needs more effort and support. This is due to the recent concept and applications of “green banking”, especially in the Middle East and Africa.
The case must place the foundations of green finance and banking in four main axes:
- Commitment to sustainable practices to protect the environment and reduce adverse climate impacts.
- Innovation – for financial solutions and banking products that are in line with the green banking strategy, such as: green deposits – environmentally friendly finances – green credit cards – green checking and savings accounts, which are in the interest of social responsibility practices.
- Support – in achieving the principles of justice and equality such as: the right to work and equality between men and women.
- Strengthening environmental awareness – through various media, to spread the mechanisms of a “green banking” culture.
The Egyptian State The Central Bank of Egypt Towards Economic Reform
Nevin Kashmiri added that the Egyptian state and the Central Bank of Egypt have led a comprehensive and structural economic reform movement to promote projects in the field of green infrastructure and improve the sustainability of climate action to achieve sustainability. There is also strong support from international partnerships with development partners aimed at combating climate change, gender equality, bridging the digital divide and promoting comprehensive and sustainable investments, but more effort and ongoing work is required.
The United Bank is working on a national agenda to support green financing
At the end of her speech, Nevin Kashmiri reviewed the role of the United Bank in establishing the foundations of green finance investments, and emphasized that the bank is working according to a national agenda aimed at settling green finances. It is based on the belief in the role of sustainable financing. The strategy includes the United Bank’s attention to sustainability standards in the environmental / social / application of the concepts of good governance and governance. This is through the vision of The United Bank in:
- Building the necessary capabilities and knowledge and establishing a financial inclusion division and a sustainable finance division.
- Promote sustainable finance
- Involve stakeholders in government agencies, ministries and non-governmental organizations, and activate the role of the Federation of Egyptian Banks.
This is in addition to:
Joint financing – based on supporting investments in favor of sustainable development, the last of which was the financing of the Canal Sugar Company. Which in turn contributes to the expansion of the agricultural area and doubles its direct impact on improving the climate. As well as the establishment of the local industry and the increase of production efficiency, which supports the purposes of comprehensive development and increases the volume of operation.
As well as investments in urban development and increasing the area of new urban communities and smart cities. United Bank is regarded as the seventh largest financier in the market for real estate financing for low- and middle-income housing.
National initiatives to develop the small and medium business sector: by providing the necessary and specialized financing and investment incentives, as well as a package of digital services to develop this promising sector, aimed at creating jobs and an Egyptian industry and build a production base, especially with the great expansion of the Egyptian state and the private sector.
- The United Bank also co-founded the “Avans Manara” fund, which is called the Fund of Funds for the purposes of development and investment in the field of small and medium enterprises to achieve Egypt’s vision 2030. This is in line with the instructions of the Central Bank of Egypt and the Egyptian state to build a productive culture, increase the local component and improve its quality to launch national industries and the volume of Egyptian exports in various fields to maximize.
- This is in addition to The United Bank’s efforts to encourage and support startups and entrepreneurship through the Central Bank of Egypt’s Nile Pioneers’ initiative, in which it serves three-level value chains at the level of governorships. support. of the Republic in: Cairo, Dakahlia, Minya.
- As well as investing directly in the “Lighthouse” fund for educational purposes. And also the Sports Excellence Support Fund, which contributes to the localization of sports industries in Egypt.
- In addition to The United Bank’s participation in the transformation of a cashless society through national initiatives led by the government, the Central Bank of Egypt and the National Payments Board.
- There are also national campaigns for financial inclusion targeting specific societal groups such as: women, youth and people determined to increase banking culture, especially digital, in about 9 governors: Minya – Menoufia – Cairo – Sharkia – Assiut – Sohag – Dakahlia – Alexandria – and Fayoum. As well as the comprehensive campaign for financial inclusion within the initiative of a decent life under the banner of the President of the Republic and the Central Bank of Egypt and in collaboration with the Long Life Egypt Fund.
Nevin Kashmiri added that there are many internal efforts by The United Bank to locate the foundations of sustainable development, including:
- To equip the United Bank building with green building technology in the new administrative capital, with investments of more than 2 billion Egyptian pounds. To be more sustainable, both externally and internally, to earn the LEED International Certificate in Green Building, which identifies the key areas of green building standards in terms of location, water efficiency, energy, atmosphere, material resources and indoor environmental quality.
- The opening of five digital banking centers with international technologies: the Egyptian Shooting Club branch – Cargo Mall branch in the Sheikh Zayed area – Concode branch in the Fifth Settlement area – Mokattam branch and finally Gamasa branch. It is within the “Bank on Line” package for mobile banking, internet banking and UB digital wallet, which operates 24 hours a day, 7 days a week. As well as a package of modern programs and technology that qualifies the client to pay off all his government obligations without any hassle and saves his time and effort.