The Africa Banking Corporation (ABC) has announced a significant partnership with the European Investment Bank’s Greening Financial Systems initiative, marking a major step towards environmental sustainability in Kenya’s banking sector.
The collaboration aims to strengthen ABC’s climate risk management capabilities in line with global standards and the Central Bank of Kenya’s guidelines. Over the coming months, ABC staff will work closely with technical experts from the EIB and Development Alternatives Inc. (DAI) to advance the bank’s green financing initiatives.
The Greening Financial Systems program provides tailor-made support to financial institutions worldwide to bolster their environmental risk management capabilities. It is supported by the German Federal Ministry of Economic Affairs and Climate Action through the International Climate Initiative Fund.
ABC kicked off the collaboration with a workshop attended by bank staff and DAI consultants. Dragana Tanasić, the program’s manager, emphasized the significance of ABC’s involvement and the value of the provided technical assistance.
Through the program, ABC employees will receive training on fostering environments conducive to green investments, enhancing climate risk management, building internal capacities, and sharing best practices. Ultimately, the partnership aims to increase the ratio of green investments in ABC’s portfolio.
The cooperation agreement aligns with the NDC Partnership’s ‘Readiness Support for Greening Central Banks’ initiative, a joint effort by Germany and the EIB to drive sustainable finance globally.
