MANAMA: Al Baraka Banking Group (ABG) has achieved its sustainable financing targets one year ahead of the plan as set out in the Al Baraka Goals (2016-2020).
The bank has released its Sustainability & Social Responsibility Report 2019 which includes a review of progress made by the group towards the goals, which are linked with seven of the United Nations Sustainable Development Goals (SDGs) 2030.
The Al Baraka Goals focus on job creation, education, healthcare and sustainable energy and the group is currently working on the Al Baraka Goals for 2021-2025.
Based on the existing measurement tools, the group’s overall sustainability and social responsibility programme contributed $3.4 billion in 2019 to the communities where it operates (primarily with its financing operations).
The report reflects ABG’s commitment in following a business model that helps the organisation to be socially responsible and impactful.
In 2015, the bank announced the Al Baraka Goals (2016-2020), and subsequently pledged financing of more than $822 million towards the goals.
Specifically, the report outlined the goals and achievements in 2019 against the current plan.
The Al Baraka Goals (2016-2020) are: Help create a total of 51,000 jobs; Provide $434m-plus finance for healthcare projects; Provide $191m-plus finance for educational projects and Provide $197m-plus finance for sustainable energy projects during 2019-2020.
Exceeding all targets during 2019, Al Baraka created 10,570 jobs as against the target of 10,207 jobs; Provided $27,782,000 to fund education as against the target of $38,200,000; Provided $125,079,000 to fund healthcare, as against the target of $86,800,000; Provided $195,762,000 to finance sustainable energy as against the target of $84,851,000.
ABG president and chief executive Adnan Ahmed Yousif said, “We are proud to support the UN Global Goals for Sustainable Development, which we believe are based on our inherent shared values. We are continuously working to internalise the global goals within our business strategy and processes to allow greater impact across our operations.”
&uuid=(email))