2024-02-25 10:04:43
The start of the strategic collaboration between the CBF and IFC is to strengthen sustainability and accountability in the banking and financial sector. The two organizations are committed to working together following an action plan to proactively integrate environmental, social and governance criteria into the financial policies and practices of banks and financial institutions.
The Council of Banking and Finance (CBF) and the International Finance Corporation (IFC), a member of the World Bank Group and the leading private sector-focused development institution in emerging countries, have signed a cooperation agreement aimed at promoting integration of environmental, social and governance (ESG) criteria in the banking and financial sector.
This ceremony marks the start of a strategic collaboration between the CBF and IFC to strengthen sustainability and accountability in the banking and financial sector. The two organizations are committed to working together following an action plan to proactively integrate ESG criteria into the financial policies and practices of banks and financial institutions.
Responsible finance and sustainable for Tunisia
This agreement is part of a program launched by IFC in February 2023, in partnership with the Swiss State Secretariat for the Economy (Seco), to encourage the adoption of ESG practices by the private sector Tunisian. It marks a significant step forward in the promotion of responsible and sustainable finance in Tunisia, highlighting the growing importance of ESG criteria in the financial sector nationally.
“Today, we are taking a crucial step towards increased responsibility in the banking and financial sector by integrating ESG criteria into the financing policy of Tunisian financial institutions. This commitment to financial sustainability, exemplified by our partnership with IFC, underscores our determination to drive sustainable growth and generate long-term value. The integration of ESG criteria will play a vital role in mitigating risks for both SMEs and banks, thereby strengthening our ability to promote financial stability and contribute to a more resilient economic future,” said Néji Ghandri , chairman of the banking and financial council.
Improve compliance to international practices
The IFC, which has a long history of commitment to sustainable development, will help support the Tunisian banking and financial sector in adopting international best practices.
“We are delighted to partner with the Banking and Financial Council (CBF) to enable the sector to improve its ESG practices, which is fundamental to building a strong and sustainable economy and attracting international investors to Tunisia,” said Sarah Morsi, head of the IFC for Tunisia and Libya. “The IFC is pleased to leverage its experience in this area to support the growth of the private sector in the country.” This strategic alliance between the Banking and Financial Council and the Ifc aims to promote the integration of ESG criteria in the Tunisian banking sector.
By adopting ESG criteria, the Tunisian banking sector will improve compliance with international practices and be better positioned to advise its clients and meet the growing demands of the global financial market.
“Today, the signing ceremony marks a significant milestone for our project because the banking sector plays a central role in promoting sustainable economic development and could be a driving force for ESG practices in the business world. The IESG program aims to improve ESG practices in Tunisia and other countries in the Mena region, facilitating more responsible investments, thereby promoting long-term economic stability and societal well-being,” said Josef Renggli, Swiss ambassador to Tunisia.
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