“We are addressing this day as an important and fundamental aspect in the development of the banking sector in Iraq, as the term environmental, social and governance standards and governance has witnessed turbulent growth since its launch for the first time in 2005,” Al-Alak said in a speech during the launch ceremony of the financial sustainability project and the manual for banking, indicating that “environmental aspects and response related to climate change are key factors driving the development of environmental, social and governance standards, in addition to the growing importance of other basic elements, especially social ones.”
He added, “If these standards are important for any economic entity or company, regardless of their activity, mission and products, their importance to the financial sector is a very important issue, as the social and environmental changes represent a significant impact on the reality of this sector and what is required to manage it according to regulatory, supervisory and technical rules that avert the risks to ensure the rights of shareholders and stakeholders in a framework of transparency, disclosure, and above all, contributing to achieving financial stability, which reflects the repercussions of the crises on the economic, social environment and general stability, as well as the environmental and social repercussions on stability.”
“We are pleased to announce a roadmap for the financial sustainability of the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards,” he said, pointing out that “this project is part of the ongoing efforts of the Central Bank of Iraq to improve the banking sector based on international best practices as well as keep pace with developments in the banking industry.”
He stated that “with this announcement, the Central Bank of Iraq is the first in the region by applying this guide.”
Al-Alak praised “the role played by the international experts in the International Finance Corporation of the World Bank Group and their active contribution in preparing the road map for the financial sustainability of the banking sector in Iraq,” appreciating “the effective and continuous partnership and fruitful cooperation with the institution.”
He thanked “for the fruitful and distinguished efforts of the Central Bank team as well as for the support provided by the Kingdom of the Netherlands in this context to push towards helping Iraq implement these necessary important programs.”
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