Jordan Kuwait Bank Awarded Best Local Bank in Jordan for ESG Practices by Euromoney

Jun 3, 2024

Jordan Kuwait Bank has been awarded the Euromoney Excellence Award for 2023, recognized as the “Best Local Bank in Jordan in Environmental, Social, and Corporate Governance (ESG) Practices,” for its outstanding achievements in this field. The award comes as a testament to the significant strides Jordan Kuwait Bank has made in ESG practices since launching its first sustainability report in 2020, integrating these practices into its core business operations.

As a leading financial institution both locally and regionally, Jordan Kuwait Bank believes that responsible business practices are essential to maintaining its leadership position in the regional banking sector. The bank’s practices align strictly with the requirements of the Central Bank of Jordan and international standards in areas such as good governance, risk management, ethical behaviour, information technology, data security, and privacy.

Jordan Kuwait Bank launched the Green Finance Framework to establish a mechanism for financing and refinancing projects with environmental benefits, including green buildings, energy efficiency, renewable energy, clean transportation, sustainable water management, and wastewater treatment projects.

In a pioneering step, the bank issued Jordan’s first green bonds in 2023, worth $50 million, paving the way for more green bonds in the Kingdom and contributing to financing Jordan’s transition towards a green economy. The bank has also developed an environmental and social management system to enhance its ability to evaluate the environmental and social risk factors involved in its lending and investment portfolios. This includes implementing due diligence procedures for environmental and social issues to assess potential risks associated with the commercial activities of potential clients, ensuring the bank does not bear any environmental or social risks as a result.

In terms of customer relations, Jordan Kuwait Bank is committed to building long and sustainable relationships with its customers, continuously improving their banking experiences. The bank supports responsible investment and financing practices that focus on ESG considerations, contributing to sustainable benefits for both the bank and its customers, and promoting stable, long-term relationships.

Commenting on this achievement, Haethum Buttihki, CEO of Jordan Kuwait Bank, emphasized that this award reflects the bank’s firm commitment to applying the highest standards of sustainability in all its operations and its pioneering role in contributing to the sustainable development goals in Jordan.

“Jordan Kuwait Bank firmly believes that sustainability is no longer just an option but an inevitable necessity,” commented Buttihki. “We are dedicated to integrating sustainability practices into our core strategy and activities and strive to enhance our leadership role in supporting the transition towards a green and sustainable economy in Jordan.” “We consider investing in green and sustainable projects as an investment in our future and the future of our communities. Based on that, we work to provide a variety of innovative financing solutions that support green and sustainable projects in various sectors,” he added.