Kuwait’s NBK brings out sustainable financing framework

Kuwait’s NBK brings out sustainable financing framework

Kuwait’s largest financial institution, National Bank of Kuwait (NBK) has launched its Sustainable Financing Framework as it continues to build a market-leading position in sustainable development.

According to the statement, it enables and promotes responsible business practices to help steer the economy towards long-term value creation, as well as supports Kuwait National Adaptation Plan (NAP) for tackling climate change.

The bank said that “the framework details the four core components of the International Capital Market Association (ICMA) and Loan Market Association (LMA) principles, namely, Use of Proceeds, Process for Project Evaluation and Selection, Management of Proceeds and Reporting.”

It is also aligned with the Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainability Bond Guidelines (SBG) published in June 2021 by the International Capital Market Association (ICMA).

Isam Al Sager

Vice Chairman & Group CEO

NBK “The aim of establishing our sustainable financing framework is to integrate environmental and social governance standards into all our operations, in addition guides our transitions in support of a more sustainable and low carbon economy, all while supporting Kuwait’s sustainable growth enshrined in New Kuwait Vision 2035. NBK’s sustainable financing framework is an important step in bringing NBK closer to global capital markets, further strengthening NBK’s leading market position.