Bank al Etihad Becomes First Bank to Sign Agreement with CRIF ITS Jordan to Promote Sustainable Finance
Bank al Etihad recently signed an agreement with CRIF ITS Jordan, a subsidiary of the CRIF group. The agreement will provide Bank al Etihad and its SMEs and corporate clients access to Synesgy, a digital platform that scores companies based on environmental, social, and governance (ESG) criteria.
The agreement aligns with Bank al Etihad’s strategy to promote sustainable finance, support credit policies, commercial green financing strategies, supply chain selection, risk management, and funding for SMEs and corporates. The bank’s motivation to take this approach stems from its commitment to supporting the local community to overcome challenges ranging from climate change to social and environmental issues.
The CEO of Bank al Etihad, HE Nadia Alsaeed, and the Jordan Market Lead at CRIF ITS Jordan, Mrs Areej Obeidat, signed the agreement, where HE Mrs Nadia Alsaeed said: “At Bank al Etihad, we consider our partnership with CRIF ITS Jordan a pioneering step that will encourage our clients to strive towards adhering to ESG measures in an easy and cost-efficient way, which will help them keep pace with global trends and improve their chances of receiving funding and investment. I am very proud that we are the first Jordanian institution to use this platform”.
The underlying methodology of the criteria is based on international sustainability standards set by the Global Reporting Initiative (GRI), the United Nations Global Compact (UNGC), the Carbon Disclosure Project, and the taxonomy guidelines.
Regarding the partnership, Mrs Areej Obeidat said: “Signing this agreement with Bank al Etihad comes in line with national efforts towards a green financing strategy. Adopting CRIF’s Synesgy platform will help Bank al Etihad create value through sustainable finance”.
Sustainable finance, which describes financing and investment decisions considering ESG issues, has gained much traction in recent years. More and more companies worldwide are looking for solutions to support them in adhering to the pillars of sustainability, which have now become more critical than ever. This is no surprise, as companies that embrace ESG factors in their decision-making perform better and lead longer-term investments than those that do not.