Bank of Palestine becomes the first bank in the Middle East to sign up to Citi’s Sustainable Deposit Solution
Bank of Palestine signs up to Citi’s Sustainable Deposit Solution. (BOP photo)

RAMALLAH, Thursday, June 1, 2023 (WAFA) – Bank of Palestine (BOP) has become the first bank in Palestine and the Middle East to deposit funds in Citi’s Sustainable Deposit Solution, which supports clients when investing their excess cash and meeting their sustainability goals, today said a BOP press release.

This will enable Bank of Palestine to indirectly support different sustainable financing projects across Citi’s portfolio, such as renewable energy, water conservation, healthcare and education as well as in social projects that expand financial inclusion for women and traditionally under-represented communities. 

This is in line with BOP’s commitment towards implementing a holistic sustainability strategy in accordance with international standards and best practice, which was kicked off through a focus on governance to enshrine this commitment, with a sustainability committee at the board level, a dedicated sustainability team, and environmental, social and governance (ESG) commitments across operations, including releasing the bank’s first sustainability report for the year 2021, said the press release.

The Bank’s deposit of $5 million is allocated to finance or refinance assets in a portfolio of eligible green and/or social finance projects, based on the criteria set out by Citi.

“As part of our sustainability strategy, we have instructed our investment teams and our credit teams to invest in green sustainability financial products and equally augment our credit portfolios in social inclusion loans and green loans; such as renewables, agriculture and water and solid waste treatment with sustainability-oriented financial institutions like Citi. This deposit contributes to our strategy in accordance with our commitments to UN Sustainable Development Goals (SDGs) and ESG,” said Hashim Shawa, Chairman Bank of Palestine Group.

Nour Jarrar, Citi Jordan CEO, said, “We are pleased to support Bank of Palestine with the sustainable deposit solution. Finance and treasury teams are playing an increasingly strategic role in helping their firms to support their environmental, social and governance goals, and Citi is providing tools that help our clients reach their goals.”