AAIB, UNDP and ECRC celebrate first graduating class of MOSTADAM
The United Nations Development Programme (UNDP) in cooperation with the Arab African International Bank (AAIB) and the Egyptian Corporate Responsibility Center (ECRC) held an awarding ceremony on 22 February to acknowledge 32 graduates of “MOSATADAM”; the first certified training programme in sustainable finance in Egypt and the MENA region.
MOSTADAM was jointly launched in 2012 to connect aspects of EESG (Economic, Environmental, and Social & Governance) with the bank’s core businesses, operations, policies and practices with the aim of creating a regional model for sustainable finance; developing a national model for inclusive banking; and setting tools and mechanisms for policy advocacy, all in line with the principles of the UN Global Compact.
MOSTADAM graduates represent different financial institutions within the Egyptian banking sector MOSTADAM’s first module titled “Introduction on Sustainable Finance” is certified by the Egyptian Banking Institute (EBI). MOSTADAM certified 11 banks, represented by 32 professional bankers, from retail and corporate functions at the middle and senior management levels. Having attended the training, participants are now MOSTADAM’s “Pilot Change Makers” who will act as MOSTADAM change agents, equipped with the knowledge required to facilitate the banking sector’s transformation.
The programme works across three main areas: training and capacity building to certify banks, regulatory environment through policy advocacy with the Egyptian Central Bank to incentivize banks to work more in green financing and sustainable finance and creation and promotion of innovative products by banks in Egypt.
MOSTADAM is in line with UNDP’s ECRC project mandate which aims at encouraging sustainable business practices, serving as a knowledge hub for corporate social responsibility in Egypt and a platform of engagement between the public and private sector. The end result is to become a place to go for capacity building in the areas of CSR and corporate governance.
AAIB joined the UN Global Compact in 2005 and subscribed to its ten principles that meet fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption.
MOSTADAM will have an impact on and contribute to Egypt’s 2030 Sustainability Strategy by encouraging the banking sector to facilitate the substitution of electricity with alternative energy resources. It also works on enabling banks to penetrate untapped markets at the Base of the Pyramid (BOP) while simultaneously decreasing social and economic inequities that result from the exclusion of wide segments of society from the formal banking sector; and enhancing the financial inclusion of youth and empowering them to start up their own businesses.
For more information about MOSTADAM, check the Arab African International Bank Page.