Bahrain to boost sustainable finance

Manama, Apr.27 (BNA): Collaboration between Bahrain Association of Banks “BAB” and the United Nations Development Programme in Bahrain “UNDP” to work jointly on areas of common interest, including the promotion of the Sustainable Development Goals (SDGs) and the 2030 Agenda for Sustainable Development and other related issues of mutual interest were strengthened following the signing of Memorandum of Understanding (MoU) between both parties. Dr. Waheed Al Qassim, CEO of BAB, and Amin El Sharkawi United Nations Resident Coordinator, UNDP Resident Representative in Bahrain, representing their respective associations, signed the MoU at Al Baraka headquarters, on the 18th of April in the presence of Chairman of BAB and CEO of Al Baraka Banking Group Mr. Adnan Ahmed Yousif. Bahrain Association of Banks “BAB” and the United Nations Development Programme in Bahrain “UNDP” together with the United Nations Resident Coordinator Office in Bahrain and relevant UN agencies, declared their intention to work jointly on areas of common interest, including the promotion of the Sustainable Development Goals “SDGs” and the 2030 Agenda for Sustainable Development. Both parties express their intention to cooperate to organize activities and events by one of both parties, collaborate to incorporate the SDGs in the work of banks and support the proposition of policies to the Central Bank. In addition, promote and implement other initiatives that may emerge, mutually agreed by the parties. Adnan Yousif Chairman of BAB strengthen BAB keenness to draw an implemented plan through which financial institutions support SDGs based on UNDP accumulated experience. He stressed the keenness of Bahraini Financial institutions to plan an economic sustainable development strategy, with its social and environmental dimensions, to move forward towards funding project that prioritize sustainable development including SMEs and expanding the loan portfolio that includes NGOs loans as well as microenterprises. Dr. Waheed Al Qassim CEO of BAB stressed that the association aims to consolidate financial and banking institutions efforts in the framework of achieving SDGs. “BAB aims to unify initiatives related to SDGs implemented by Bahraini banks and to stimulate other financial institutions adopt SDG thus to make the financial and banking sector as a model in this field.” Said CEO of BAB Dr. AL Qassim added that the concept of sustainable development within the banking sector is achieved by adopting a long-term strategy for executing large projects, pointing out that «sustainability» is a necessary element to create a competitive environment between banks in the implementation of development projects. It contributes to provide the basic needs of current generations that doesn’t affect future generations and based on economic and social development and environmental protection.