Bank Alfalah, a major Pakistani commercial bank, has signed a Green Banking Advisory Agreement with the International Finance Corporation (IFC).
This agreement underscores Bank Alfalah’s dedication to fostering sustainable and responsible green banking practices. It aligns with the State Bank of Pakistan’s (SBP) Environmental and Social Risk Management (ESRM) framework. As well as the Green Banking Guidelines introduced in October 2017.
In collaboration with IFC, Bank Alfalah will benefit from global insights to formulate a robust green banking strategy, enhance impact monitoring capabilities, and explore sustainable finance options. Simultaneously, this partnership will empower Bank Alfalah to tap into opportunities within sustainable finance through IFC’s extensive global network.
Atif Bajwa, President and CEO of Bank Alfalah, stated his commitment to sustainable development. He said, “Bank Alfalah is dedicated to leading in promoting sustainable development and eagerly anticipates the journey towards green banking. Moreover, This collaboration with IFC will bolster our green banking capabilities, contributing to a greener future for the country.”
Hela Cheikhrouhou, IFC’s Regional Vice President, emphasized the organization’s support for Bank Alfalah’s green banking agenda. She stated, “IFC is pleased to partner with Bank Alfalah to support its ambitious green banking agenda.Additionally, with this engagement, we hope to highlight the potential of green banking in Pakistan. And help encourage greater climate financing led by the country’s private sector.”
Furthermore, Bank Alfalah’s selection of IFC as IFC’s proven track record influenced its green banking advisor in designing green banking business models. Along with its expertise in policy creation, particularly in collaborations with SBP.
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