Al-Amal Bank and Holm Akhdar sign a joint memorandum of understanding to develop green financial products

With the increasing frequency of risks arising from climate change within the framework of boosting efforts towards achieving environmental responsibility, Al-Amal Microfinance Bank (AMB) and Holm Akhdar for Environmental Studies and Consultations signed, on Sunday, December 4, 2022, in Sana’a, a joint memorandum of understanding, to build partnership and cooperation aimed at adopting environmental responsibility in financial transactions and services, as a pioneering approach to the banking sector – for the first time – nationwide.

Under this memorandum, which was signed by: Al-Amal Bank for Microfinance, represented by the CEO Assistant, Mr. Ghamdan Abdo Awn and Holm Akhdar for environmental consulting, represented by Mohammed Al-Hakimi, General Manager. Accordingly, both parties will launch a partnership that will last for the next two years.

Accordingly, Holm Akhdar will provide the necessary advice and appropriate solutions for the application of environmental standards in the services provided by AMB. Consequently, AMB is the first bank in Yemen to adopt an approach of environmental responsibility, sustainability and green growth in all its transactions, works and banking products.

The joint cooperation between the two sides includes developing, launching and implementing a number of green financial projects and products, in a way that enhances the contribution of the two parties in supporting local and national efforts to preserve the environment as well as to achieve the SDGs, at the local and international levels.

Al-Amal Microfinance Bank (AMB) has many key ingredients that will make it a pioneer in the field of Green Banking, as it is a model in compliance with the requirements of corporate governance, and it is classified as the first bank specialized in microfinance in Yemen and MENA region. It started its activity in January 2009, under the supervision of the Central Bank of Yemen.

Holm Akhdar for environmental studies and consulting is an environmental research and consulting company registered and licensed by the Yemeni Ministry of Industry & Trade. It is the advisory arm of Holm Akhdar Foundation, as it will work to provide environmental consulting services, prepare field studies, and provide solutions to address environmental issues, with the aim of raising awareness of the environmental and social responsibility of business sectors, and foresight of the green growth approach in Yemen.