Lagos, Nigeria. March 3, 2014 –
The Central Bank of Nigeria and IFC, a member of the World Bank Group, are today and tomorrow jointly hosting key stakeholders from 15 countries for the International Sustainability Forum at the Intercontinental Hotel, Lagos. These stakeholders would share insights from around the world on how to further strengthen regulatory framework that supports efficient and sustainable banking in emerging markets.
The stakeholders include government policymakers, multilateral development banks, financial institutions, civil society organizations, and technical institutions from countries including Bangladesh, China, Indonesia, Mongolia, Nepal, Philippines, Vietnam, Ghana, Sierra Leone, Tanzania, Guinea and Mozambique, together with their Nigerian hosts.
Today, panelists will deliberate on regulatory frameworks that support better management of environmental and social risks through monitoring, evaluation and incentive mechanisms, as well as policies and frameworks that stimulate design and implementation of financial inclusion strategies. They will discuss how to support financial institutions through technical advisory on sustainable banking that help mobilize market resources, solutions, and tools.
Dr. Sarah Alade, Acting Governor, Central Bank of Nigeria said “The Central Bank of Nigeria has encouraged the adoption of sustainable banking in Nigeria because global business case for practices from a wide range of countries show that environmental and social responsibility supports business success and long term economic growth. Today’s forum presents a platform for regulators to share insights on environmental and social risk management and sustainability-related tools for long term economic growth.”
According to IFC’s sustainability report, effectively managing environmental and social opportunities and risks together help financial institutions create long-term value for their business and shareholders. It also helps financial service providers differentiate themselves from competitors, improve their reputation among key customers and stakeholders, and generate goodwill and support from stakeholders through increased transparency.
Solomon Adegbie-Quaynor, IFC Country Manager for Nigeria said “Sustainability is central to inclusive economic growth and aligns with IFC’s strategy for long-term economic development. During this two-day forum, regulators and other stakeholders will share insights aimed at strengthening the environmental and social risk-management of financial institutions that will support sustainable ways of doing business for companies in emerging markets, and also stimulate greater financial inclusion.”
The two-day event includes approximately 150 participants from financial institutions around the world. The International Sustainable Banking Forum is an annual event of the Sustainable Banking Network which is a voluntary platform of bank regulators and banking associations established to facilitate knowledge sharing and development of standards, policies and guidelines on environmental and social risk management for regulators in emerging markets.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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