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Sep 21, 2023 13:17 EEST
September 21 (SeeNews) - International Finance Corporation (IFC), a member of the World Bank Group, said on Thursday it signed a cooperation agreement with the Banking Association of Bosnia and Herzegovina (UBBiH) with the aim to enhance the environmental, social, and corporate governance (ESG) capacities of the country's banking sector.
The contract aims to provide Bosnia's banking sector with an integrated ESG approach by sharing best practices based on IFC's methodology, addressing topics such as effective environmental and social risk management, climate governance, disclosure, and sustainability reporting, IFC said in a press release.
IFC's work with UBBiH is expected to help the country's banks better manage risks and pursue more sustainable business opportunities, the press release read.
"Strengthening ESG capacity and E&S risk management is critical for the banking industry," Nicolas Marquier, IFC Manager for the Western Balkans, said. "By doing that, we streamline investments in projects and organizations with socially and environmentally sustainable development outcomes and increase green, climate-friendly finance products."
IFC, a member of the World Bank Group, is a global development institution focused on the private sector in emerging markets which works in more than 100 countries.
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