Al Baraka Banking Group, UNEP sign global MoU

Al Baraka Banking Group (ABG) and UN Environment (UNEP) have proposed to collaborate for leveraging private finance for environmental projects in Al Baraka network countries. A Memorandum of Understanding was signed yesterday to formalise the strategic partnership by the President & Chief Executive of ABG, Adnan Ahmed Yousif and the UN Environment Acting Executive Director Joyce Msuya.

The partnership aims at developing best practices in sustainable development, which is vital for the successful transitions to green economies. UN Environment West Asia Office and Al Baraka Banking Group will facilitate knowledge exchange, replication of successful solutions and transfer of expertise by establishing standards and innovative finance approaches for varying contexts through collaboration in research and events.

At the signing ceremony, ABG’s President & Chief Executive, Adnan Ahmed Yousif said, “It is the Group’s intention to finance environmental projects of over $197 million for 2019- 2020 in various countries where Al Baraka operates. This pledge comes as part of the Al Baraka Sustainable Development Goals (2016-2020). We expect that our collective effort will help reduce carbon emissions in these countries.”

On her part, the UN Environment Acting Executive Director, Joyce Msuya stated, “We hope this partnership will be able to strengthen efforts to achieve sustainable development in the region while improving the lives of local communities.” Al Baraka Group will extend its support to renewable and energy efficiency projects in Al Baraka’s operating countries by financing over $78 million towards renewable energy projects and Financing over $ 119m towards enhancing the energy efficiency of existing cooling & electric systems.

Yousif further added, “The current pledge of US$197m is in addition to the previous pledge of US$ 635m made in 2016, and brings the total of Al Baraka’s pledge to US$ 832m for financing the Sustainable Development Goals.”