«AAIB» Announces Its First Impact Report on the 2024 Sustainability Bond, Tamer Waheed: The report documents our commitment to transparency and international disclosure standards
The Arab African International Bank «AAIB» announced on Sunday the release of its first Allocation and Impact Report for the Sustainability Bond issued by the bank in 2024, marking a significant milestone not only in the bank’s journey but also in the development of sustainable finance in Egypt.
In November 2024, the bank issued the first sustainability bond in Egypt—and the largest of its kind for a private bank in Africa—valued at USD 500M, the issuance was supported by several prominent international financial institutions, including «IFC», the European Bank for Reconstruction and Development «EBRD», and the British International Investment «BII».
Tamer Waheed, Deputy Chairman and Managing Director of the Arab African International Bank, stated that publishing the first report on the allocation of the bond’s proceeds and measuring its impact represents an important step in the bank’s journey toward strengthening sustainable finance, He emphasized that the bank’s commitment to sustainability is not a recent shift, but rather a long-standing approach embedded in its strategy, operations, and institutional culture for many years.
He explained that the report transparently outlines how the proceeds of the sustainability bond have been directed toward a range of projects delivering tangible environmental and social impact.
It also highlights the initial results of the eligible assets financed through this issuance, reflecting the bank’s commitment to the highest standards of transparency and accountability in disclosure.
Waheed noted that the sustainability bond represents one of the key tools the bank relies on to support Egypt’s transition toward a low-carbon, more resilient, and inclusive economic model, through financing projects in energy efficiency, green buildings, sustainable water management, and financial inclusion.
He added that these efforts align with the objectives of Egypt Vision 2030 and the United Nations Sustainable Development Goals, in addition to supporting international commitments related to the Paris Climate Agreement.
Waheed confirmed that the bank will continue, throughout the five-year reporting cycle associated with this issuance, to disclose impact results regularly and transparently, while expanding the range of eligible assets financed and developing financial solutions that contribute to sustainable value for clients, society, and the Egyptian economy.
He also stated that the Arab African International Bank will continue to reinforce its role in supporting sustainable finance, thereby strengthening Egypt’s transition toward a more sustainable and prosperous economy.
The bank noted in its report that within just one year, more than 90% of the bond’s proceeds had been allocated to financing eligible assets and projects delivering environmental and social impact.
According to the report, these financings have already contributed to measurable outcomes, including reducing carbon emissions by more than 30,000 tons of CO₂ equivalent annually, generating approximately 79,000 MWh of expected energy savings, and treating nearly one million cubic meters of water, in addition to reaching more than 200,000 beneficiaries, around 60% of whom were women.
The report also stated that its publication comes as part of the bank’s commitment to clear and transparent disclosure of the outcomes of its sustainable finance activities, supported by an independent opinion from Sustainalytics, a firm specialized in sustainability assessments.
