Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR) of the UAE-listed lender FAB is aligning efforts with the group's ambitious target of facilitating $136 billion by 2030, CEO and Managing Director, Mohamed Abbas Fayed, said in line with the release of its first sustainability report for 2023.
Fayed elaborated on the mentioned efforts and target by saying: “To achieve this, FABMISR is establishing its own green financing targets that align with the group's objectives and comply with the sustainable finance guidelines set by the Central Bank of Egypt (CBE).”
The integrated report outlines FABMISR’s commitment to sustainable growth while setting the stage for ongoing development and positive transformation in line with the group’s pledge to create long-term value for both stakeholders and the planet.
The CEO added: “We are proud to present FABMISR’s first Sustainability Report, a key milestone in our journey towards a sustainable future.”
He noted: “This report reflects our unwavering commitment to driving positive economic, environmental, and social impact in alignment with Egypt’s Vision 2030 and FAB Group’s ambitious ESG goals.”
Furthermore, the report focuses on the main pillars of FABMISR's sustainability framework: environmental, social, and governance (ESG) integration, green financing initiatives, financial inclusion, and leadership in sustainable practices. This is in addition to highlighting net-zero commitments as well as employee wellbeing and capacity building.
FABMISR aims to create a more inclusive and supportive community. The bank operating in Egypt has achieved 99% procurement rate from local suppliers, therefore, the bank not only stimulates the economy but also reinforces its dedication to promoting local businesses.
The commitment is further witnessed in a 22% growth in SME lending, which has reached EGP 11.168 billion.
FABMISR has a goal of onboarding an additional 2,000 SMEs by 2025 in order to empower local entrepreneurs and drive economic development.
The bank has already attracted more than 20,000 underserved customers, ensuring access to vital financial resources.
It is worth noting that FABMISR’s net loans and advances soared by 45% to EGP 125.60 billion as of September 2024, while in the third quarter (Q3) alone, the bank posted net profits worth EGP 21.30 billion.
