Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, signed a Memorandum of Understanding (MoU) with a consortium comprising of Frankfurt School of Finance & Management, and Chemonics, as part of the German development programme, Green Recovery for the Egyptian Economy Transformation (GREET). The MoU establishes a framework for cooperation under the Third Work Package of the Green Capacity Development Programme, funded by the GIZ Egypt on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ)
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The agreement aims to provide the bank with a comprehensive technical assistance package to develop and implement an ambitious Climate Transition Plan, reinforcing the bank’s position as a leader in sustainable finance in Egypt. The technical assistance focuses on supporting Egyptian financial institutions in transitioning to a green, climate-resilient economy.
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Tamer Mostafa, Senior Director of Business & Sustainable Development at Bank NXT, stated: “This strategic partnership with prestigious international entities marks a pivotal step in Bank NXT’s journey toward sustainability and climate transition. We believe that integrating climate considerations into our core banking operations is not only a social responsibility, but also a strategic opportunity for long-term growth and for strengthening the role of the banking sector in supporting the national economy.”
“This MoU comes within the framework of our vision to develop an integrated sustainable finance ecosystem, through the development of innovative financial products including green loans, sustainability-linked financing, and investment products aligned with Environmental, Social, and Governance (ESG) standards, in addition to formulating and implementing a clear Climate Transition Plan in collaboration with international experts, and building the capacities of our teams in sustainable finance and climate risk management.”
He added: “This collaboration will enable us to offer innovative financing solutions that support our clients across various sectors to become part of a low-carbon and climate-resilient economy.”
The signing of this MoU underscores Bank NXT’s strong commitment to integrating sustainability into its operations and business strategy. It highlights the bank’s proactive approach in supporting Egypt’s transition toward a green economy, building trust among clients, partners, and stakeholders alike.