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Karachi, Bank Alfalah, a prominent commercial bank in Pakistan, has entered into a Green Banking Advisory Agreement with the International Finance Corporation (IFC), marking a significant stride in its commitment to sustainable banking practices. This collaboration is part of Bank Alfalah’s ongoing efforts to align with the State Bank of Pakistan’s (SBP) Green Banking Guidelines, introduced in October 2017, and the bank’s successful adoption of the SBP’s Environmental and Social Risk Management (ESRM) framework.
According to Bank Alfalah, the partnership with IFC involves a range of initiatives. IFC will utilize its global expertise to assist Bank Alfalah in creating a green banking roadmap, developing own-impact measurement capabilities, and identifying opportunities for sustainable financing. This collaboration is expected to enhance Bank Alfalah’s capacity in sustainable finance through IFC’s extensive global network.
Atif Bajwa, the President and CEO of Bank Alfalah, expressed the bank’s dedication to spearheading sustainable development in Pakistan. He emphasized that the partnership with IFC is a crucial step towards embracing green banking and contributing to a greener future for the nation.
Hela Cheikhrouhou, IFC’s Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, also commented on the partnership. She highlighted IFC’s enthusiasm in supporting Bank Alfalah’s green banking agenda, expressing optimism that this effort will showcase the potential of green banking in Pakistan and stimulate climate financing initiatives led by the private sector.
The decision for Bank Alfalah to engage IFC as a green banking advisor was influenced by IFC’s proven experience in shaping green banking models and its proficiency in policy development, including its collaborations with the SBP. This partnership marks a significant move towards promoting environmentally responsible banking practices in Pakistan.
The post Bank Alfalah Partners with IFC to Advance Green Banking Initiatives in Pakistan appeared first on Pakistan Business News.