QNB Group signs a number of green agreements and holds a high-level session with the EBRD as part of its participation in COP27
QNB Group and EBRD celebrate their Strategic Cooperation reaching USD 750m
QNB Group, the largest bank in the Middle East and Africa, jointly arranged a high-level session with the European Bank for Reconstruction and Development (EBRD) under the title, “The Role of Banks in Scaling-up Sustainable Finance” at COP 27, which is currently taking place in Egypt from November 6th to November 18th, 2022.
The joint session, which was held as part of the bank’s COP 27 activities, began with an opening statement from Mohamed Bedeir, QNB ALAHLI’s Chief Executive Officer, who expressed QNB’s appreciation to EBRD for their ongoing partnership, which has gone from strength to strength over the years.
Jürgen Rigterink, EBRD’s First Vice-President and session keynote speaker, noted EBRD’s willingness to continue their fruitful partnership with QNB ALAHLI.
During the panel discussion, Tarek Fayed, QNB ALAHLI’s Assistant CEO and Chief Business Officer, discussed QNB’s efforts and activities in green and sustainable finance.
The panel also featured Leo Chi Wai Tong, QNB Group Head of Sustainability, who briefed the participants on the Group’s sustainability strategy and framework, which consists of three pillars, sustainable finance, sustainable operations and beyond banking.
Francis Malige, EBRD’s Managing Director, Financial Institutions and Maya Hennerkes, EBRD’s Director of Climate Strategy and Delivery also participated in the panel and emphasised EBRD’s ongoing support for sustainable finance and green investments.
The session was moderated by Sally Hamdalla, QNB ALAHLI’s Head of Financial Institutions and Correspondent Banking and was coordinated by Nevien Mohamed, QNB ALAHLI’s Head of Sustainability.
USD 185m agreements with EBRD
During the event, QNB celebrated signing new green & sustainable finance agreements with EBRD to top up its long-standing cooperation in these areas to reach USD 185 million. This includes technical assistance to QNB ALAHLI to review and update its internal ESG policies to reflect the latest climate change risk management practices, as well as capacity building practices to empower clients in these areas.
Finance Program for Youth Projects for USD 20 million
The agreements signed between the EBRD and QNB ALAHLI also included a financing programme targeting youth projects for USD 20 million. This programme will include technical assistance and incentive grants for these types of projects, ensuring a robust transition to green economy practices.
EGP 200m MOU with INTRO Group/ Intro Sustainable Resources
QNB Group also signed a memorandum of understanding with Intro Sustainable Resources Group for a study to finance projects in the field of Trigeneration or Combined Cooling, Heat and Power (CCHP) to reduce natural gas consumption and carbon emissions in various industrial and services sectors. A preliminary agreement with initial terms was signed for an amount of EGP200 million for financing the pilot project in this field.
EGP 95m Finance Facility to Enara Group’s Solar Power Plant Project
QNB Group has also signed a facility agreement with Enara Group to finance its solar power plant project which is part of a broader financing facility worth EGP 95 million targeting different sectors, including the industrial and agriculture sectors. Earlier this year, the bank also financed another solar plant pant project carried out by Enara, which is considered the largest rooftop solar power plant ever in Egypt.
Mohamed Bedeir, reiterated his support for COP 27 and also noted, "As the largest bank in the Middle East and Africa, QNB Group promotes prosperity and sustainable growth in the communities it serves and exists in, which gives it a prominent role and responsibility to support the overall objective of the COP and to develop and implement means of sustainable transition that are an integral part of our strategy.