The first phase reviewed the banks’ experience in implementing responsible investment instruments and ESG approaches.

The review then informed recommendations developed for each of the banks. All the recommendations for implementing ESG banking practices are based on international best practices and methodologies. They provide a framework for the sustainable development of the banks, the introduction of ESG factor accounting, assessment and monitoring, the integration of these into business strategies, business processes, governance and risk management, and the development of responsible investment and lending practices.

Online training sessions were also provided for the banks’ employees. A total of 104 representatives of the participating banks attended the sessions.

“We were happy to continue our cooperation with UNDP. The EDB aims to expand the ESG agenda both in its operations and those of its partners. The recommendations received by our colleagues as a result of the project can be used to implement best ESG practices. In the long term, this will reduce ESG risks and improve banks’ resilience,” said Amangeldy Issenov, Vice Chairman of the EDB Management Board.

The EDB, in cooperation with UNDP, earlier helped twelve partner banks to improve their efficiency in providing financial instruments and assessing projects submitted by small and medium-sized enterprises.