Latest news with #DevelopmentGoals
Arab Times
29-07-2025
- Business
- Arab Times
Burgan Bank Joins Regional Sustainability Leaders with Inclusion in FTSE4Good Index Series
KUWAIT CITY, Jul 29: Burgan Bank announced its inclusionas a constituent in the FTSE4Good Index Series, an affirmation of its unwavering commitment to ESG best practices. Developed by global index and data provider FTSE Russell, the FTSE4Good Index Series is a globally recognized benchmark that measures the performance of companies demonstrating strong Environmental, Social, and Governance (ESG) indices are widely used by investors and asset managers to incorporate ESG factors into their investment decisions, as well as to create and evaluate responsible investment funds and related financial products. Built on transparent management standards and rigorous assessment criteria, FTSE Russell's evaluations consider performance in areas such as corporate governance, health &safety, anti-corruption,and climate change. Companies included in the FTSE4Good Index Series demonstrate compliance with a variety of stringent ESG criteria. Commenting on this accomplishment, Mr. Fadel Abdullah, Chief Executive Officer – Kuwait at Burgan Bank, stated: 'We are honored to beone of the five organizations in Kuwait recognized by globally renowned FTSE Russell for our unwavering efforts to adopt the best ESG practices in the banking sector and embed them into our operations, culture, and stakeholder engagement. Burgan's inclusion in the FTSE4Good Index Series is a testament to our consistent and measurable progress in sustainability affirms our strategic commitment to sustainable business growth, designedto create a positive impacton our community, industry, and natural environmentwhile supporting a resilient and equitable futurefor all stakeholders.' The inclusion in the FTSE4Good Index Series provides external validation of Burgan Bank's efforts to align with global sustainability standards and frameworks such as UN Sustainable Development Goals (SDGs), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Kuwait Vision 2035. This recognition reflects Burgan's strong ESG agenda, driven by a comprehensive framework and strategic roadmap, under which the Bank has achieved significant progress across its four ESG pillarsof Good Governance,Responsible Banking, Community Betterment, and Environmental Impact Reduction. On the environmental front, Burgan Bank was awarded the LEED Gold certification (O&M v4.1) for its head office, recognizing its exceptionalenergy-efficient design and sustainable operations. The Bank continues to advance its Green House Gas (GHG) mapping and reduction efforts to design a long-term decarbonization Bankhas installed electric vehicle (EV) charging stations at its head office and select branches, and motion-sensor lighting to optimize energy efficiencyas well as installed rooftop solar panels for clean renewable energy. Furthermore, the Bank has made concerted efforts for climate risk integration in its credit portfolio. On the social sustainability front, Burgan Bank reaffirmed its recognition as a certified Great Place to Work® and continued to champion diversity and inclusion within its workforce. The Bank surpassed the mandated Kuwaitization target with 86% national representation, while women comprised 45% of its total staff, including strong representation in senior leadership roles. The Bank's efforts for social sustainability were also evident in its learning and development programs, tailored to address diverse needs and interests. In its pursuit of establishing a culture of healthy work-life balance, Burgan Bank currenly offers five days of fully paid paternity leave, one day of birthday leave, and four self-care days, in addition to the standard annual leave days. The Bank also offers numerous programs, benefits, events, and sporting initiatives for the comprehensive development of its employees. Moreoever, Burgan Bank has launched several initiatives and programs to empower women in the workplace and support their professional development – such as the "Lean In Circle" program and the "Empower Her" initiative. It is worth noting that the Bank is also major supporter of the "Partners for Hire" campaign, which aims to sustainably empower people with disabilities and provide them with job opportunities across various departments. Along the same lines and to cater to this community, Burgan Bank has also allocated six branches to serve customers with disabilities to promote equal access to banking services. As part of its social impact agenda, the Bank maintained its long-standing support for the Kuwait Association for Care of Children in Hospital (KACCH) and Bayt Abdullah Children's Hospice (BACCH), helping ensure access to vital palliative care services. In 2024, Burgan Bank also partnered with the Kuwait Olympic Committee (KOC) as a sponsor of the national delegation to the Paris 2024 Olympics, reinforcing its commitment to community development and national pride. Burgan Bank remains committed to fostering a strong compliance culture across the organization, focused on preventing financial crime, including money laundering, terrorism financing, fraud, corruption, and bribery. This commitment is underpinned by a robust governance framework that reflects the Bank's dedication to ethical conduct, responsible leadership, and maintaining the highest standards of security in the banking sector. The Bank's comprehensive ESG strategy also delivered notableadvancements in digital transformation, particularly in cybersecurity, with the implementation of cutting-edge technologies, AI-driven threat detection, and proactive incident response measures to ensure maximum data protection for all stakeholders. Moreover, Burgan Bank has consistently led the way in transparency and sustainability,reporting its sustainability related efforts and achievements consecutively for thelast six years since 2019. This reinforcesthe Bank's committedadherence to transparent governance and proactive sustainability leadership,demonstratingits year-on-year improvements in the sustainability and ESG performance. As a trusted financial partner and a bank that is 'Driven by You', Burgan Bank remains dedicated to upholding its responsibility toward its customers, community, and investors, by adopting the highest standards of ESG practices and ensuring that its business success reflects positively on its stakeholders.
The Independent
24-06-2025
- Business
- The Independent
The stakes could not be higher in this global aid crisis
Leaders will soon gather in Sevilla, Spain, on a rescue mission: to help fix how the world invests in sustainable development. The stakes could not be higher. A decade after the adoption of the 17 UN Sustainable Development Goals and many global commitments to finance them, two-thirds of the targets are lagging. And the world is falling short by more than $4 trillion annually to provide the resources developing countries need to deliver on these promises by 2030. Meanwhile, the global economy is slowing, trade tensions are rising, aid budgets are being slashed while military spending soars, and international cooperation is under unprecedented strain. The global development crisis is not abstract. It is measured in families going to bed hungry, children going unvaccinated, girls being forced to drop out of school and entire communities being deprived of basic services. We must correct course. That begins on 30 June at the Fourth International Conference on Financing for Development in Seville, where an ambitious, globally supported plan to invest in the Sustainable Development Goals must be adopted. That plan should include three essential elements. First, we must help accelerate the flow of resources to the countries who need it most. Fast. Countries must be in the driver's seat, mobilizing domestic resources by strengthening revenue collection and addressing tax evasion, money laundering and illicit financial flows through international cooperation. This would provide much-needed resources to prioritise spending on areas that provide the greatest impact such as education, healthcare, jobs, social protection, food security, and renewable energy. At the same time, national development banks need to come together to finance major investments. To support this, the lending capacity of these banks needs to triple so developing countries can better access capital on affordable terms with longer timelines. This increased access should include re-channeling of unconditional reserve assets — or Special Drawing Rights — to developing countries, preferably through Multilateral Development Banks, such as the World Bank, to multiply their impact. Private investment is also essential. Resources can be unlocked by making it easier for private finance to support bankable development projects and by promoting solutions that mitigate currency risks and combine public and private finance more effectively. Throughout, donors must keep their development promises. Second, we must fix the global debt system. It is unfair and broken. The current borrowing system is unsustainable, and developing countries have little confidence in it. It's easy to see why. Debt service is a steamroller crushing development gains, to the tune of more than $1.4 trillion (£1tn) a year. Many governments are forced to spend more on debt payments than on essentials like health and education combined. The meeting next week must result in concrete steps to reduce borrowing costs, facilitate timely debt restructuring for countries burdened by unsustainable debt, and prevent debt crises from unfolding in the first place. In advance of the conference, a number of countries have put forward proposals to ease the debt burden on developing countries. This includes making it easier to pause debt service in times of emergency; establishing a single debt registry to strengthen transparency; and improving how the IMF, World Bank and credit-ratings agencies assess risks in developing countries. Finally, Seville must raise the voice and influence of developing countries in the international financial system so it better serves their needs. International financial institutions must reform their governance structures to enable greater voice and participation of developing countries in the management of the institutions they depend on. The world also needs a fairer global tax system, one shaped by all governments — not just the wealthiest and most powerful. The creation of a 'borrowers club' for countries to coordinate their approaches and learn from one another is another promising step toward addressing power imbalances. This finance conference is not about charity. It's about justice, and building a future in which countries can thrive, build, trade, and prosper together. In our increasingly interconnected world, a future of haves and have-nots is a recipe for even greater global insecurity that will keep weighing down progress for all. With renewed global commitment and action, Seville can spark new momentum to restore a measure of faith in international cooperation and deliver on sustainable development for people and planet.
Arab Times
18-05-2025
- Business
- Arab Times
KFH: Pioneering National Economic Support for State Development Goals
KUWAIT CITY, May 18: Kuwait Finance House (KFH) participated as a Platinum Sponsor of the 3rd Kuwait Public Private Partnership conference (PPPKW3), affirming its standing as a key partner in financing strategic development projects. This sponsorship reflects KFH's commitment to supporting initiatives that advance major projects contributing to the achievement of Sustainable Development Goals in Kuwait. The two-day event, taking place on May 18 and 19, is titled: 'Partnership Projects: Promising Leap in the New Era'. The conference is held under the patronage of Kuwait Minister of Finance, Minister of State for Economic and Affairs and Investment, and Chair of the Higher Committee for Public-Private Partnership Projects, Noura Al-Fassam. Addressing the audience, KFH Deputy Group CEO Transformation, Technology and Operations, Haytham Alterkait, said in his speech: 'Our participation emanates from KFH's national and economic commitment in supporting the State's development plans, capitalizing on its capabilities to enhance the economic environment, promote green financing, and uphold Environmental, Social, and Governance (ESG) standards.' Alterkait pointed out that KFH enjoys robustsolvency and is well-positioned to finance mega projects across key sectors such as energy, water, electricity, and infrastructure. 'This is supported by the KFH's extensive experience, solid financial position, high-quality credit portfolio, and its position as the largest bank in Kuwait and the largest listed company on Boursa Kuwait by market capitalization, amounting to approximately KD 13.7 billion,' he added. Alterkait underscored the significance of the Public-Private Partnership Projects in strengthening the national economy, generating employment opportunities, improving quality of life and maintaining service quality. He emphasized the private sector's expertise in financing, building, and operating projects in alignment with Kuwait Vision 2035, expressing confidence in the government's ability to build a better future for Kuwait. The conference aims to accelerate the implementation of development projects and Kuwait's vision by engaging the private sector in execution plans. This aligns with the global trend, where both developed and developing countries adopt the PPP model as a means of concerted efforts for national progress. The model ensures optimal utilization of both sectors' capabilities. The conference also seeks to promote capacities across various technical domains and clarify the responsibilities of each sector. Adhering to international standards, the PPP approach enables the attraction of top global, regional, and local expertise, enhancing the execution of projects with best-in-class tools and frameworks for professional, technological, and legal development, in line with international specifications and sound governance. Meanwhile, the conference successfully brought together prominent leaders and experts in the PPP space, along with key institutions from both the public and private sectors. Participants benefited from the conference program, including lectures, panel discussions, side meetings, and an exhibition featuring sponsoring companies and specialized institutions showcasing their services and partnership solutions. It serves to note that KFH offers top-tier financing solutions for projects in vital sectors in Kuwait and the region. Leveraging its rooted experience in the financing markets and strong relationships with leading regional and international banks, KFH is well positioned to serve as the ideal Lead Arranger in syndicated financing initiatives.
