EGA’s bank balances to progress sustainability through sustainable accounts with Citi and Standard Chartered

EGA’s bank balances to progress sustainability through sustainable accounts with Citi and Standard Chartered

United Arab Emirates: Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, has opened sustainable corporate bank accounts with Citi and Standard Chartered Bank.

EGA is amongst the first in the region to choose the accounts, which ensure cash balances are used to finance or refinance sustainability progress elsewhere in the economy.

EGA uses the interest-bearing accounts for funds that are required for daily and other short-term operations.

Zouhir Regragui, Chief Financial Officer of Emirates Global Aluminium, added: “The aluminium EGA produces plays a key role in the development of a more sustainable society worldwide. It also matters how sustainably aluminium is made, and we are embedding sustainability throughout our company – from focusing on decarbonisation to reporting publicly on our sustainability progress. Ensuring our cash balances at the bank also contribute to enhancing sustainability economy-wide is in line with the overall direction of EGA.”

Citi’s sustainable deposit solution seeks to help corporate finance and treasury departments invest excess cash in deposit accounts that aim to support financing for environmental and social projects, such as renewable energy, energy efficiency, sustainable transportation, green buildings, and expanding access to affordable basic infrastructure and essential services.

Steven Buonvino, Head of Corporate