CBF, IFC ink agreement to integrate ESG criteria in banking sector

A cooperation agreement aimed at promoting the integration of environmental, social and governance (ESG) criteria in the banking and financial sector was inked Friday by the Banking and Financial Board (French:CBF) and the International Finance Corporation (IFC).

This is a strategic collaboration between the CBF and the IFC to strengthen sustainability and responsibility in the banking and financial sector, reads a joint press release published on Friday.

The CBF and the IFC undertake to work together to proactively integrate ESG criteria into the financial policies and practices of banks and financial institutions.

“We are taking a crucial step forward today towards increasing the banking and financial sector’s responsibility by integrating ESG criteria into the financing policy of Tunisian financial institutions. This commitment to financial sustainability, reflected by our partnership with the IFC, shows our keenness to promote sustainable growth and generate a long-term value,” CBF President Neji Ghan
dri said.

The integration of ESG criteria will play a key role in reducing risks for both SMEs and banks, thus strengthening our ability to promote financial stability and contribute to a more resilient economic future,” he added.

“We are happy to partner with the CBF to help the sector improve its ESG practices, which is fundamental to building a strong and sustainable economy and attracting international investors to Tunisia,” said IFC Representative in Tunisia and Libya Sarah Morsi.

By adopting ESG criteria, the Tunisian banking sector will improve compliance with international practices and will be better positioned to advise its customers and meet the growing demands of the global financial market, she added.

Swiss Ambassador to Tunisia Josef Renggli said “this signing ceremony is a significant milestone for our project as the banking sector plays a key role in promoting sustainable economic development and could be a driving force for ESG practices in the business world”.

Source: Agence Tunis Afri
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