The EDB, in cooperation with the United Nations, provides a framework for the implementation of ESG practices by nine partner banks from all the EAEU countries
Almaty, 16 May 2022. The Eurasian Development Bank (EDB), as part of a joint project with the United Nations Development Programme (UNDP), has provided a framework for the implementation of ESG practices by the EDB’s partner commercial banks. Nine financial institutions from the EAEU countries took part in the initiative.
The first phase reviewed the banks’ experience in implementing responsible investment instruments and ESG approaches.
The review then informed recommendations developed for each of the banks. All the recommendations for implementing ESG banking practices are based on international best practices and methodologies. They provide a framework for the sustainable development of the banks, the introduction of ESG factor accounting, assessment and monitoring, the integration of these into business strategies, business processes, governance and risk management, and the development of responsible investment and lending practices.
Online training sessions were also provided for the banks’ employees. A total of 104 representatives of the participating banks attended the sessions.
“We were happy to continue our cooperation with UNDP. The EDB aims to expand the ESG agenda both in its operations and those of its partners. The recommendations received by our colleagues as a result of the project can be used to implement best ESG practices. In the long term, this will reduce ESG risks and improve banks’ resilience,” said Amangeldy Issenov, Vice Chairman of the EDB Management Board.
The EDB, in cooperation with UNDP, earlier helped twelve partner banks to improve their efficiency in providing financial instruments and assessing projects submitted by small and medium-sized enterprises.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For 15 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, manufacturing, and machinery. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
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