The European Investment Bank’s development arm, EIB Global, has signed technical assistance agreements with Zemen Bank SC, Dashen Bank SC and Hibret Bank in Ethiopia that will support them in strengthening their ability to identify, assess, and manage climate-related risks, integrating them into their business strategies and daily operations. The banks will be better equipped to assess how climate change could impact their clients and encourage investments that strengthen their resilience against extreme weather events such as floods and droughts. In addition, banks’ capacities are strengthened to analyse impacts of changing international climate policies on businesses and export-dependent industries.
The collaboration will also assist the participating financial institutions in developing sustainable financing and advisory strategies to expand green lending, thus supporting Ethiopia to achieve a sustainable, net-zero economy by 2050, as outlined in its Long-Term Low Emission Development Strategy.
The announcement was made during a signing ceremony between EIB Global and the three local banks on the sidelines of the second edition of the Africa Climate Summit underway in Ethiopia’s capital, Addis Ababa.
The operation is the first of its kind in Ethiopia and is being implemented under the European Investment Bank’s Greening Financial Systems Programme, financed by the German government through the dedicated International Climate Initiative (IKI Fund) and closely coordinated with the NDC Partnership
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