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Corporate Social Responsibility > Creating value for environment |
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Green Finance
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| | | Sustaining Profit, Sustaining Earth | <%-- | --%> | | At AAIB, we aim to lead the development of sustainable business, by actively being engaged in projects with environmental and social benefit, while sustaining sound financial returns. | | | The First Equator Bank in Egypt | | | A leader in corporate finance in Egypt's growing and well diversified economy, AAIB has a vested interest in adopting The Equator Principles (EP) on the 15th of January 2009, to further demonstrate social, environmental, and moral considerations across different sectors of the economy, particularly through its vast network of corporate clients. | In order to start implementing the Equator Principles on projects to be financed by the bank, it was necessary to develop AAIB-specific environmental and social risk policies and procedures in respect of the Principles.
The policies and procedures outlined the detailed manner in which AAIB corporate finance projects will abide by the EP.
Today, the Principles are contained as a separate section within its Credit Manual (Manual). The Manual sets out AAIBs policies for credit risk, including environmental and social risk. | |
Because we understand the seriousness of the environmental crisis and the detrimental consequences of Climate Change on humanity; we hold ourselves responsible to promote Green Finance and achieve industry impact. During October and November 2009, AAIB took leap steps in working internally through educating and training our corporate and risk staff, whilst also creating awareness externally to other financial intuitions to start taking the initiative of financing projects while taking in consideration environmental and social risk assessment.
70% of credit and risk managers, and officers attended the EP Training
The two day training of the Credit Department and Risk Management Department staff in the new Equator Principles Policy and Procedures took place off site twice, engaging 70% of credit and risk management staff. This covered the newly adopted Equator Principles as well as the amended policies, procedures and processes. | |
In a joint effort between the bank and the International Finance Corporation (IFC) to launch the Equator Principles, a series of workshops were conducted in November 2009 to discuss "Sustainability in the Financial Sector: Risk Management by Financial Institutions".
More than 50 financial institutions across the region were invited to attend the workshop in a move to mobilize the financial industry in the region to build awareness of social-environmental risks associated with project finance. This will help banks assess, mitigate, document, monitor the environmental and social risk associated with financing projects, and through collaboration establish industry best practice.
50% of Egypt's financial institutions were invited to the EP Workshop | |
Recognizing the importance of transparency with our stakeholders, and supporting the EPs mission, on adoption of the EP, each member financial institution commits to report at least annually about its Equator Principles implementation processes and experience, taking into account appropriate confidentiality considerations.
The reporting should include the number of transactions screened by each EP Financial Institution, and information regarding implementation.
EP Reporting
WWW.AAIB.COM | |
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| | Internal Environmental Footprint | | AAIB constantly ways to minimize resource use to better sustain the earth. (e.g. electricity, paper, water, waste-management, building design etc.). Below are two initiatives which the bank tackled in this area.
Expenses Committee
Launched in February 2009, the Expenses Committee had a mission to improve the banks cost structure and operating targets, and replacing "the culture of excess" with "the culture of necessity".
Despite the challenging times that made it necessary for several international and local institutions to experience cost cutting measures, laying off staff in AAIBs cost management process was never one of the measures considered by AAIB for cost cutting.
One of the main areas which the committee focused on in 2009 was replacing the centralized electricity system with light control switches that were reallocated across four floors in the Head Office. This required enhancing the employees' behavior to contribute to the institutions welfare. | | The E-Movement
In 2008, AAIB had an internal initiative of replacing staff monthly salary pay slip paper with e-Statements. Issuing pay slips electronically has many benefits. It reduces time pressures, reduces paper consumption, and means employees can view their salaries for any monthly duration they prefer, rather than being limited to one month statement. In parallel, the bank is running through serious efforts to implement energy efficiency solutions across its facilities. |
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