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Bahrain Association of Banks, UNDP sign SDGs cooperation memo

The Bahrain Association of Banks (BAB) signed on Friday a memorandum of understanding with the United Nations Development Program (UNDP) on promoting cooperation to merge sustainable development goals (SDGs) into the work of banks and financial institutions in Bahrain.

The two sides will also work together to encourage the Central Bank of Bahrain to develop legislation serving this end.

BAB CEO Wahid Al-Qasim signed the memo with UNDP Resident Representative in Bahrain Amin Al-Sharkawi.

BAB Board Chairman Adnan Ahmed Youssef - who attended the inking ceremony - underlined the importance of the memorandum in view of  the Bahraini financial institutions' keenness on drawing up a strategy of sustainable economic development, covering the economic, social and environmental scores.

He added that the agreement allows Bahrain to benefit from the accumulating experience of the UNDP as the state tends to finance projects, such as small and medium sized enterprises, which prioritize sustainable development.

Meanwhile, Al-Qasim said the association will work on unifying efforts of financial and banking institutions to achieve sustainable development, referring to a number of important initiatives being implemented by several banks to serve SDGs.

He said entrenching the concept of sustainable development in the banking sector requires adopting a long-term strategy for implementing mammoth projects.

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