The United Bank previews the harvest of its 26 initiatives and eco-friendly green project and their economic, social and developmental impacts
Ashraf El Kady- The Chief Executive Officer and Managing Director
Cairo: October, 29th 2023
The United Bank previews the harvest of its participation in 26 initiatives and eco-friendly green project and their economic, social and developmental impacts on 4 main axis:
First: green economy mechanism axis
The report includes a meticulous measurement of UB practices through two phases:
UB participated in a number of syndicated loans for sustainable development. The last one was funded to The Canal Company for Sugar. Which contributes to expanding the agricultural area and doubling up its direct impact on improving the climate. In addition to, settling local industries and increasing productive efficiency. Which will support the integrated development and increasing operation volume.
Second: The Green Social axis
Third: Human Health axis
Fourth: Human Resources Development
UB pays a great attention to the investment in youth, as they are the future leadership. UB’s strategy is based on the importance of qualifying them scientifically and practically to ensure the sustainability of the integrated development plans in Egypt.
Commenting on UB green and eco- friendly practices harvest, Ashraf El Kady- CEO and Managing Director said that UB’s strategy is directed towards more eco- friendly practices and maximizing green economy tools. The thing that needs settling green economy on four dimensions:
El Kady stated that banks have a main role to empower economic institutions and maximize their role in green growth boost. That will happen through opening new horizons for businesspersons and help them to apply green economy mechanism with full attention paid to the environment, climate change, and real assessment to the project from both economic, social and environmental dimensions.
The economic dimension is represented in pushing investments in the field of innovation for banking solutions and green financial products, and setting mechanisms to expand their work by banking or non-banking mechanisms, especially in the field of digital technology. The thing that will contribute in reducing the need to new bank branches that cost fortunes. Moreover, focusing on improving customer service, that contributes in increasing banks’ profits and maximize the bank’s market shares.
The social dimension where banks can support green banking projects to double up development rates and serve the citizen in the first place through financing sustainable projects.
The environmental dimension contributes to activating green banking in the process of reducing carbon emissions.
Moreover, spreading the culture of rationalization in many aspects of banking work. Such as: reducing paper transactions, availability of customer services through digital channels instead of going to branches. The thing that save time and effort and the fuel used to get there. As well as, bills payment with digital solutions instead of traditional ways.
Many world alliances have been established such as: the Global Alliance for Banking on Values that acknowledges the values of sustainable “green banking” that focus on developing societies and transparent governance.