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MANAMA – Gulf International Bank BSC (GIB) has announced its participation in the RACE Sustainability Summit, joining the Abu Dhabi Newest signatory to the Sustainable Finance Declaration).
The Abu Dhabi Manifesto on Sustainable Finance is a voluntary membership initiative launched by ADGM in 2019 with the support of the Ministry of Climate Change and Environment, the UAE Central Bank and the Securities and Commodities Authority. As a member, GIB strengthens its support for strengthening the UAE’s sustainable development footprint and further strengthens its strategy and position as a market leader in sustainable finance.
Representing GIB at the summit, Khaled Abbas, Head of Wholesale Banking Group and UAE Country Head, joined sustainability leaders and other signatories to reflect on the key outcomes and agreements of the COP27 conference that concluded in Egypt, and to look forward to the landmark COP28 that will be led by UAE in 2023.
Mr Abbas commented: “GIB is delighted to be a signatory to the Abu Dhabi Declaration on Sustainable Finance. As part of our commitment to sustainable development, we are already promoting the use of green financing instruments by the Bank itself and supporting the financing needs of our clients Great strides have been made. With sustainability at the core of our business model, we look forward to meaningful collaborations to further enhance the quality and depth of Abu Dhabi’s green finance offerings and support the creation of a sustainable and sustainable environment for prosperity in the UAE and the wider region. sustainable finance.”
GIB coordinates the issuance of green financing instruments for a range of clients in the GCC. In 2021, the Bank closed its own $625 million sustainability-related syndicated loan (SLL), becoming the first Bahrain-based bank and the first Saudi Arabian holding bank to close such a loan. Most recently, in October 2022, GIB became a partner in the Voluntary Carbon Market (VCM) initiative launched by Saudi Arabia’s Public Investment Fund (PIF) and participated in the world’s largest ever auction of 1.4 million tons of carbon credits, purchasing carbon Credits, along with other initiatives to offset the Bank’s entire 2021 emissions.
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About Gulf International Bank (GIB)
Gulf International Bank BSC is a pan-GCC universal bank established in 1975 and supervised by the Central Bank of Bahrain. GIB provides services in the GCC and international markets through its subsidiaries GIB Saudi Arabia and GIB (UK) Ltd. In addition, the bank has branches in the UAE, London and the United States. GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund as the major shareholder.
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Zahra Taher
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