Tuesday, December 27, 2022 – 3:10 PM
ABU DHABI, 27th December, 2020 (WAM) — Emirates Global Aluminum Company announced the opening of sustainable bank accounts for the company, in cooperation with Standard Chartered Bank and Citibank, to promote sustainability.
EGA is among the first companies in the region to opt for these accounts, which contribute to the use of cash balances to finance or refinance projects to support sustainability elsewhere in the economy.
EGA uses these interest-bearing accounts to deposit funds for day-to-day and other short-term operations.
Zuhair Al-Rajaji, Chief Financial Officer of the company, said: Through this step, we seek to enhance our cash balances in banks to enhance sustainability at the level of the economy, in line with our goals in the company, as Emirates Global Aluminum plays a major role in developing infrastructure for more communities. Sustainability All over the world, it is also important that aluminum is manufactured in a sustainable manner that preserves the environment. Where the company works to ensure sustainability in all its operations, focus on decarbonization and issuance of sustainability reports annually.
Citibank offers sustainable deposits in order to help companies invest excess funds in deposit accounts aimed at supporting the financing of environmental and social projects, such as renewable energy, energy efficiency, sustainable transportation, green buildings, infrastructure deployment and basic services at affordable prices.
For his part, Stephen Bonvino, Head of Institutional and General Sales, Trade and Treasury Solutions, Emerging Markets EMEA at Citibank, said: “Our customers place sustainability at the top of their main priorities and the deposit strategy is an innovative way to demonstrate our commitment to helping our customers achieve their sustainability goals.” Through our products and services, by providing sustainable deposit solutions in the Emirates. We are pleased to establish this partnership with EGA and look forward to supporting it in its sustainability journey.
For his part, Mohamed Salama, Executive Director and Regional Head of Commercial, Corporate and Institutional Banking for the Middle East and North Africa at Standard Chartered Bank, said: We see sustainability efforts extending beyond finance, covering the economy and overall customer requirements. Standard Chartered Bank has been a major catalyst for the sustainability agenda in the UAE and the Middle East and North Africa region, and our participation has expanded through leading national and major companies such as Emirates Global Aluminium, offering our partners a wide range of products and services.
Emad Al-Ali / Ahmed Al-Nuaimi