JS Bank – one of the fastest-growing banks in Pakistan – has partnered with CRCC (specialised business unit of NRSP) and EXIM Bank (Export-Import Bank of Pakistan) to help enhance the country’s green export capacity through green financing.
Pertinent to mention that JS Bank is also Pakistan’s first financial institution to be accredited by the Green Climate Fund (GCF), the world’s largest climate fund. This approval was based on JS Bank meeting GCF’s stringent criteria including fiduciary standards, environmental and social safeguards and specialized capacities in driving climate action.
The Fund aims to provide facilities to private sector corporations in emerging economies for limiting or reducing greenhouse gas (GHG) emissions through investments in low-emission and climate-resilient programs.
According to the details, a memorandum of understanding (MoU) was inked in Islamabad by Syed Raza Jafar, Group Head of Investment Banking & International Banking, JS Bank; Irfan Bukhari, President & CEO, EXIM Bank and Kashmala Kakakhel, Strategic Partner, CRCC. Other senior representatives from all institutions also attended the ceremony.
Speaking on the occasion, Syed Jafar Raza said, “As the only commercial bank accredited with the GCF in Pakistan, we believe that JS Bank can play a big role in making the export industry of Pakistan ‘Green’. We believe in responsible financial intermediation and have actively promoted renewable and clean energy availability for residential and SME sectors.”
Irfan Bukhari, president and CEO EXIM Bank stated, “The provision of green financing, in support of modernization and expansion of production capacity, will contribute to positioning Pakistan as a green exporting country. This is an initiative EXIM Bank will want to scale up with time.”
Read more: JS Bank wins big at GDEIB Awards 2021
The collaboration will not only position Pakistan as an environmentally responsible country but will also be beneficial for the country’s exporters. Through such initiatives, JS Bank continues to help add value to the country’s economy, while serving its valued customers with world-class products and services.