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
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
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.
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