BAKU, Azerbaijan, March 19
By Tamilla Mammadova – Trend:
The International Finance Corporation (IFC) supports the National Bank of Georgia on amendments to the Corporate Governance Code for Commercial Banks that aim to update the existing ESG framework, IFC’s Regional Head of Industry for Financial Institutions in Europe and Central Asia Vittorio Di Bello told Trend.
"Also, we actively work with the National Bank of Georgia on promotion of sustainable finance in the country. For instance, in February 2020, the National Bank adopted the environmental, social and governance (ESG) reporting and disclosure principles, to which we contributed," he noted.
According to him, a sound ESG framework is a key component in promoting sustainable finance as it reduces the risk of “green washing” and provides investors with additional comfort when investing in sustainable finance products.
"Our advisory team has started developing the ESG Scorecard to help the National Bank better monitor implementation of the Code," he said.
The International Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.
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