Thu 01 Jun 2023 10:59 am - Jerusalem Time

Bank of Palestine is the first bank in Palestine and the Middle East to join the sustainable deposit program of the “City” group

Bank of Palestine took the initiative to be the first bank in Palestine and the Middle East to join the sustainable deposit program of the “City” group, which works to support customers when investing their surplus funds and achieving their sustainable goals at the same time.

This step comes to enable the bank to provide indirect support for various sustainable financing projects through the "Citi" portfolio, in projects that contribute to supporting programs such as renewable energy, water conservation, health care and education, as well as in social projects that expand financial inclusion in special projects for women and under-represented communities. .

The bank joins this initiative in line with its commitment and belief in implementing a comprehensive and integrated sustainability strategy in accordance with international standards and best practices, which was launched by focusing on governance and transparency. Where the bank established a sustainability committee at the level of the Board of Directors, and a specialized team to apply international standards related to environmental, social and governance principles during the implementation of operations, in addition to the issuance of the bank’s first sustainability report for the year 2021 in accordance with international standards GRI.

Through this initiative, a deposit of US$ 5 million is allocated from the bank to finance or refinance assets in a portfolio dedicated to financing environmentally friendly green projects, or sustainable economic and social development projects, based on the criteria set by the "Citi" group.

From his side, Mr. Hashim Shawa, Chairman of the Board of Directors of Bank of Palestine Group, confirmed: “This initiative comes as part of the Bank’s belief in the need for its development strategies, initiatives, programs and activities to be applied, consistent and have an impact on the ground.” Pointing out that this initiative will be one of a series of initiatives and activities. And other simultaneous programs through which the Bank seeks to achieve its ultimate goal, which is to promote sustainable economic and social development in Palestine. Shawa added that the initiative to join the Sustainable Deposit Program of the "Citi" Group will stimulate the treasury and investment departments in the Bank and help them make decisions Investing in green sustainable financial products and increasing our credit portfolios in financial and social inclusion loans, with a focus on lending and investing in projects that promote renewable energy sources, organic farming, water treatment, and solid waste, in partnership with financial institutions committed to sustainability such as the Citi Group.

From her side, Nour Jarrar, CEO of Citi Group in Jordan, said: “We are pleased to support Bank of Palestine in its joining the Sustainable Deposit Program. Financial cadres and treasury workers play an increasingly strategic role in helping their companies support their environmental, social and governance objectives. The Group also provides” Citi "Tools that help our clients achieve their goals".


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Bank of Palestine is the first bank in Palestine and the Middle East to join the sustainable deposit program of the “City” group