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In line with local regulatory requirements, most financial institutions in Bangladesh are strengthening their environmental and social management system frameworks to manage key risks. Using its Technical Assistance facility, the Global Climate Partnership Fund has teamed up with prominent partners to provide targeted training to 250 banking officials to build local knowledge and capacity in the field.
Since the introduction of the Environmental Risk Management Guidelines for the banking and financial institutions of Bangladesh in 2011 by the Central Bank, the awareness of environmental and social (E&S) risk management has increased tremendously in the financial sector. Banks as well as Non-banking Financial Institutions are taking proactive steps to address E&S risks within their business operations and are developing or strengthening their in-house environmental and social management systems frameworks to manage key risks.
As projects that require technical E&S expertise emerge, however, it becomes clear that locally qualified subject matter experts in sectors where financial institutions have significant exposures remain a scarce commodity in the market. Building local knowledge and capacity to address E&S risks and identify innovative business opportunities has therefore become a priority for the financial sector.
With this in mind, GCPF investors FMO and OeEB together with three other development finance institutions and four local banking partners including GCPF partner City Bank Limited piloted the first ESROM training series project in 2015, where a total of 150 bankers were trained on E&S risk and opportunities management.
Eva Tschannen, GCPF TA facility: “This initiative will help the bankers as well as the entrepreneurs comprehend the true essence of environmental and social safeguards in a much broader manner. Via this collaborative effort, we aspire to contribute to attaining the United Nations’ Sustainable Development Goals.”
Read more on this initiative here