On November 1, 2022, Alexander Dzneladze, President of the Banking Association of Georgia, and Mary Porter Peschka, IFC’s Director for Sustainability and Gender Solutions, signed a Memorandum of Understanding to cooperate in the development of sustainable finance and sound environmental, social, and governance (ESG) practices in Georgia’s banking sector. The signing ceremony was attended by the Association and IFC’s high-level representatives. Today the Banking Association of Georgia also became a member of the IFC-facilitated Sustainable Banking and Finance Network (SBFN).
The Banking Association of Georgia unites all commercial banks operating in Georgia. It exists to support the sustainable development of the banking sector, which strongly contributes to the economic development of the country.
SBFN is an international platform for knowledge sharing and capacity building on sustainable finance for financial sector regulators and industry associations. Facilitated by IFC, SBFN helps mobilize information, resources, and practical support for members to design and implement national initiatives that advance sustainable finance at national, regional, and global levels.
“Now as the regulatory environment is created, Georgia is in the implementation stage. In this regard, Banking Association sees a lot of work to be done, especially in the directions of awareness raising, market capacity building and stakeholder consultations. We are happy to join the SFBN network and hope to strongly contribute to knowledge sharing and capacity building, as well as taking actions towards common goals and achieving measurable changes in Georgia’s sustainable finance development,” said Alexander Dzneladze, President of the Banking Association of Georgia.
Mary Porter Peschka, Director, Sustainability and Gender Solutions at IFC, said: “IFC welcomes SBFN’s newest member, the Banking Association of Georgia, and applauds its strong commitment to play an instrumental role in advancing Georgia’s sustainable finance agenda. The Banking Association’s convening power will help raise awareness among Georgia’s banks on how sustainable finance is a critical lever in addressing climate change and other pressing development challenges.”
Both parties emphasized the beginning of this cooperation as an important step towards further development of sustainable finance in the country and its integration into the international sustainable finance and banking community.
Since 2017, the Banking Association of Georgia has been working actively with the National Bank of Georgia on planning and implementing actions under the Roadmap for Sustainable Finance in Georgia.
Through mutual effort and to ensure sustainability of the banking sector, the Association has been actively engaged in the development of several national level legislative and normative changes, recommendations, and action plans that consider banking industry involvement in economic sustainability, employment, social responsibility, green banking, corporate governance, and other related matters.
IFC implements its Program on Promoting Investment through Integrated Environmental, Social, Governance Standards in Europe in partnership with the Swiss State Secretariat for Economic Affairs SECO.
