GREEN FINANCE-

IFC launches program to boost sustainable growth in Tunisia: The International Finance Corporation (IFC) has partnered with the Swiss State Secretariat for Economic Affairs (SECO) to integrate environmental, social, and governance (ESG) practices within Tunisia’s finance, agribusiness, and manufacturing sectors, according to a statement released on Friday. The program also aims to help the Central Bank of Tunisia (CBT) and the Tunis Stock Exchange (BVMT) enforce the currently limited ESG standards in the banking sector. Josef Renggli, the Swiss Ambassador to Tunisia, said "this new program aims to improve ESG practices in Tunisia and other countries of the MENA region and facilitate therefore much needed investments aligned with the Sustainable Development Goals (SDGs)."

Not the only ESG agreement for Tunisia: The IFC also inked an agreement with Tunisia’s Banking and Financial Board (CBF) on Friday to integrate ESG practices within the policies and practices of the banking and financial sector, TAP reported.

IN OTHER TUNIS NEWS- A financial aid package from the World Bank may happen: The World Bank could extend a support package to Tunisia to address the impact of climate change on the country’s food security, TAP reported on Friday. Tunisia stands to lose up to USD 54 bn by 2050 due to the effects of climate change, the lender estimates, and needs to boost its water and agriculture resilience. Droughts have caused a two-thirds drop in the harvest of some of Tunisia’s crops.

More food security efforts: The Global Environment Facility (GEF) approved earlier this month 48 projects led by the Food and Agriculture Organization (FAO), with an estimated value of USD 2.9 bn, to enhance sustainable agrifood systems in 46 countries including Tunisia.

The World Bank has disbursed USD 63 mn to a program targeting energy efficiency in Jordan’s electricity sector, according to a document seen by Al Mamlakah on Thursday. The program — which has a total cost of USD 250 mn — achieved all the disbursement-linked targets due by the end of 2023, except for one indicator requiring new investments in transmission and economically viable generation and storage of electricity. The Jordanian government has requested pushing back the deadline for achieving this result from December 31 to June 30, 2024 to allow enough time to update the plan for energy generation.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Lootah Biofuels inks energy MoU: The UAE’s Ministry of Energy and Infrastructure signed an agreement with Dubai-based Lootah Biofuels to collaborate on energy initiatives, promote the use of biofuels, raise awareness about sustainable fuel alternatives, and facilitate knowledge exchange in the biofuels sector. (Statement)
  • Egypt upscales waste management in Gharbia governorate: Egypt’s Environment Ministry says it has delivered six waste sorting lines at the municipal solid waste recycling plant in Gharbia Governorate. (Statement)
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