Nevine Kashmiry Deputy Managing Director, The United Bank in the first economic forum organized by El Masry El Youm newspaper. According to the international infrastructure report, Egypt requires 675 billion dollars of sustainable developmental investments for the next 20 years.

16/06/2022

The United Bank participates today in the first economy forum under the patronage of “The effective investment and enhancing the private sector role to a sustained development”

 The forum was organized by “El Masry El Youm” newspaper. In the presence of Dr. Hisham Tawfeek- Minister of Business Sector, Dr Nabila Makram- Minister of Emigration and Egyptian Expatriate’s Affairs, Dr. Ibrahim Ashmawy- Assistant Chief Minister of Supply and deputy for The Minister of Supply, Bassel El Hiny- CEO and Deputy Manager of Misr Insurance Holding Company, Dr. Hazem El Beblawy- the former Prime Minister and Dr. Hisham Arafat - the former Minister of Transportation.

The forum’s tackled many important axis, such as: green finance’s dimensions, opportunities and guarantees of accomplishments, the Egyptian process of development, its new vision to build sustainable communities, the investment and trade between opportunities and developing contributions, information technology and communications, digital transformations as the launching gate into the New Republic – the private sector role in Egypt.

In the first session moderated by Sherif Samy- CEO of Commercial International Bank under the patronage “The green finance dimensions, opportunities and guarantees of accomplishments”. Nevine Kashmiry participated with Bassel El Hiny- CEO and Deputy Managing Director of Misr Insurance Holding company, Sahar El Damaty- former Vice President of Misr Bank and Professor of Banking and Finance at the AUC, Hassan Ali- Chairman of the Board of Trustees of economic researches forum and engineer Mohamed Rasheed- CEO Direct Financial Group and Dr. Amr Nour El Din- the advisor to the Executive Chairman of the General Authority of Investment.

Speaking of the role of banks and financial institutions in settling the fundamentals of green finance, Nevine Kashmiry declared that banks and financial institutions have significant role in empowering institutions and maximize their roles in boosting green growth. This happens through opening new investment horizons for business men, and encouraging them to apply green economy mechanisms bearing in mind environmental endangers and climate changes and real evaluation of merits of projects regarding economic, social and environmental visions.

The evaluation of merits of investment projects criteria:

Kashmiry mentioned that the criteria of investment projects evaluation of merits are based on three fundamentals:

1. The economic fundamental: would be pushing forward investments in innovative banking solutions and green financial products.

Setting mechanisms to broaden business either with banking mechanisms or non-banking ones, especially modern digital technologies. The thing that reduces the bank’s requirements of new branches which is costly and contributes to focus on improving customer service quality, this will eventually lead to bank increasing profitability and maximizing market share.

2. The social fundamental: is the bank’s capability to support green finance to double up developmental rates and serving the citizen in the first place. As well as directing the finance towards employment purposes and settling national industry and increasing the productive efficiency to maximize development revenues.
3. The environmental fundamentals: green finance activation contributes to reduce the carbon print, which results from using oil and petrol, the thing that will reduce carbon dioxide emissions.

 

Media is a strategic partner through implanting rationalization culture, through-out its communications channels.

Kashmiry referred to the media rule as a strategic partner through implanting rationalization culture in many aspects of the banking business. Such as: reducing paper transactions and reducing energy usage, providing customer service through digital tools, as an alternative of going to branches, which will save time and effort. As well as, paying bills using digital services instead of postal delivery process.

Kashmiry stated that the term “Green banking” simply means boosting environment- friendly practices and banking principles in a strategic framework of conserving the environment and taking into consideration economic and social dimensions, these all in the favor of humanity and for the coming generations and future.

Egypt needs 675 billion dollars of sustainable developmental investments for the next 20 years.

Kashimry said the international infrastructure report stated that Egypt requires to develop green and smart infrastructure for the purpose of sustainable economic development and enhancing investment in human capacities through investing in four main sectors. These sectors are: energy, transportation, water and agriculture.

Kashmiry mentioned that despite of many banks, and local and international finance institutions have demonstrated their leadership in green financing, the green finance wallet still needs more effort and support. This is because of the concept modernity of green banking applications especially in the Middle East and Africa.

This needs finance and green banking fundamentals settlement in four main aspects:

• Compliance: with the sustainable practices to conserve environment, and reduce negative climate changes.
• Innovation: innovate financial solutions and banking products that keep the pace with green banking strategies. Such as: green deposits, environment- friendly finance, green credit cards, green checking and saving accounts, these all will end up in the favor of CSR.
• Support: in achieving justice and equality principles. Such as: the right to work and equality among men and women.
• Environmental awareness enhancement: through different mass media channels to spread the culture of “green banking”.

   Egypt and The Central Bank of Egypt’s approach to economic reform. Nevine Kashmiry added that the Egyptian State and The Central Bank of Egypt led a general and structural economic reform movement to boost green infrastructure projects and enhance climate- conservative work to achieve sustainability. As well as the support of international partnerships with development partners aiming to promote climate change control efforts, gender equality, bridge the digital gap and enhance general and sustainable investments. But more efforts and continuous work are still needed.

The United Bank works within a national agenda framework to support green finance.

At the end of her speech, Nevine Kashmiry outlined UB role in green finance settlement. Emphasizing on UB’s faith in the importance of sustainable finance role and works within a national agenda framework to support green finance.

She pointed out that UB strategy emphasis working in accordance to sustainable standards in environmental and social fields. And also, applying governance concepts and sound management. This is through UB vision regarding:

• Building up capabilities and knowledge, and financial inclusion department and sustainable finance department.
• Promoting sustainable finance.
• Involving parties concerned with governmental authorities, ministries and NGOs and activating the role of Federation of Egyptian Banks.

As well as:

• Co- financing: based on supporting investments in favor of sustainable development, the latest was co-financing Canal Company for Sugar. Which contributes to expanding the agricultural areas and doubling up the direct impact in climate improvement. Besides local industries settlement and increasing the efficiency of production. Supporting the comprehensive development purposes and increasing the volume of employment.

Along with investments in urban development and expanding areas of new urban communities and smart cities. UB achieved the seventh largest finance provider in mortgage provided to medium and low income citizens.

• National initiatives to develop small and medium projects: through providing needed and specialized finance and investment intensives. As well as, a package of digital services to develop this promising sector, which aims to create job opportunities and building industrial base and promoting Egyptian productivity. Especially with the great expand of the Egyptian State and private sector.
• UB participated as a founder in the “Afanze Manara” fund, which is called fund of funds. For investment and development purposes in small and medium projects to achieve Egypt’s vision 2030. Coping with the Egyptian State and The Central Bank of Egypt instructions in building up the productivity culture and increasing local component and improving the quality to launch national industries and maximizing the volume if Egyptian exports in different fields.
• Besides UB efforts in encouraging and supporting the start-ups and entrepreneurship through the initiative of “Nile Pioneers” affiliate to the Central Bank of Egypt. That supports the value chain service with three centers around the governorates in Cairo, El Dakahlia and El Menya.
• Direct investment in “Light House” fund, made for educational purposes. And also a fund to support the athletics, which contributes in sports settlement in Egypt.
• UB participates in the national initiatives towards a non- monetary society led by the government and The Central Bank of Egypt and the National Assembly for payments.
• As well as national initiatives for financial inclusion directed to special segments of the society: women, youth and special needs, to spread banking culture especially digital culture in nine governorates: El Menya, El Menofya, Cairo, El Sharkia, Assiut, Sohag, El Dakahlia, Alexandria, and El Fayoum. As well as, the comprehensive campaign for the financial inclusion within the framework of decent life initiative, sponsored by the President and The Central Bank of Egypt, with the cooperation of Tahya Misr Fund.

Nevine Kashmiry added that on the internal level of UB, there are many efforts to settle the fundamentals of sustainable development. Such as:

• Preparing UB building in the new capital with green building technology. With investments exceeded 2 billion Egyptian Pounds. To be more sustainable either internally or externally. Getting the international pioneer certificate in energy and international environmental designs LEED for green buildings, which determines the main fields for green buildings in accordance to location, water, energy, atmosphere, resources usage efficiency and internal environmental quality.
• Inauguration of 5 digital banking service centers with international technologies: The Egyptian Shooting club branch, Cargo mall branch in Sheikh Zayed, Concord branch in the fifth Settlement, Mokkattam branch and eventually Gamassa branch. Along with “Your Bank Online” package including mobile banking, internet banking, the UB digital wallet, which work 24/7. Besides, package of programs and modern technologies that enable the customer to pay all governmental bills saving their time and without any effort.