Sustainability Policy Statement
Egypt’s modern Constitution adopted in January 2014 sets a solid foundation for sustainable development covering its three dimensions: (i) Social Solidarity, (ii) Environmental Responsibility and (iii) Economic Efficiency. This was completed by, the Government’s serious efforts in “Egypt’s Vision 2030” for a better future.
As a leading national bank with a dual mandate of supporting the Egyptian economy and the Government’s strategic priorities while remaining commercially viable, Banque Misr has decided to follow the sustainability direction and signed the “United Nations Principles of Responsible Banking” in July 2019. Banque Misr recognizes that sustainability is part of its growth and believes that managing a bank is not about numbers, it is about sustainable finance, where the environment and society are at the heart of decision-making.
Banque Misr strongly commits to the “Guiding Principles for Sustainable Finance” issued by the Central Bank of Egypt on 18 July 2021. This as an important step for getting the Egyptian banking sector to support the country’s plan to achieve sustainable growth in all fields, as well as providing the necessary finance for projects that contribute to achieving the Sustainable Development Goals (SDGs).
As the second-largest bank in Egypt with the greatest distribution footprint and the largest customer base, it became mandatory for the bank to embed sustainability practices and integrate Environmental, Social and Governance (ESG) criteria into its lending, operations, investments products and services. Banque Misr’s approach to ESG focuses on four pillars: (i) Economic Resilience, (ii) Environmental Action, (iii) Inclusive Society and (iv) Governance. Banque Misr is committed to the integration of Environmental & Social (E&S) risk considerations into its daily business as well as regulating its usage of natural resources and developing services and products that promote environmental protection, social inclusion, poverty reduction and, people’s empowerment while also protecting the health and safety of its workforce. Banque Misr will also not allow child or forced labor, sexual abuse, harassment and exploitation
Banque Misr expects to play a strong role in supporting national and international developments goals, beyond the traditional Corporate Social Responsibility (CSR) approach.
In sum, Banque Misr can make a difference and contribute to building a better future by working with stakeholders across its entire value chain, employees, customers, business partners, the Government, civil society and others who wish to work and partner with it.
