Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, signed a Memorandum of Understanding (MoU) with a consortium comprising of Frankfurt School of Finance & Management, and Chemonics, as part of the German development programme, Green Recovery for the Egyptian Economy Transformation (GREET). The MoU establishes a framework for cooperation under the Third Work Package of the Green Capacity Development Programme, funded by the GIZ Egypt on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).
The agreement aims to provide the bank with a comprehensive technical assistance package to develop and implement an ambitious Climate Transition Plan, reinforcing the bank’s position as a leader in sustainable finance in Egypt. The technical assistance focuses on supporting Egyptian financial institutions in transitioning to a green, climate-resilient economy.
Tamer Mostafa, Senior Director of Business & Sustainable Development at Bank NXT, stated: “This strategic partnership with prestigious international entities marks a pivotal step in Bank NXT’s journey toward sustainability and climate transition. We believe that integrating climate considerations into our core banking operations is not only a social responsibility, but also a strategic opportunity for long-term growth and for strengthening the role of the banking sector in supporting the national economy.”
“This MoU comes within the framework of our vision to develop an integrated sustainable finance ecosystem, through the development of innovative financial products including green loans, sustainability-linked financing, and investment products aligned with Environmental, Social, and Governance (ESG) standards, in addition to formulating and implementing a clear Climate Transition Plan in collaboration with international experts, and building the capacities of our teams in sustainable finance and climate risk management.”
He added: “This collaboration will enable us to offer innovative financing solutions that support our clients across various sectors to become part of a low-carbon and climate-resilient economy.”
The signing of this MoU underscores Bank NXT’s strong commitment to integrating sustainability into its operations and business strategy. It highlights the bank’s proactive approach in supporting Egypt’s transition toward a green economy, building trust among clients, partners, and stakeholders alike.
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About Bank NXT
Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million.
The bank has witnessed continuous capital growth, reaching EGP 1.987 billion in 2020. Moreover, as per the decisions of the general assembly held on October 10, 2021, and after the completion of the Bank’s acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following:
• EFG Holding S.A.E – (51%)
• Egypt’s Financial Services and Digital Transformation Sub-Fund – (25%)
• National Investment Bank – (24%)
Additionally, based on the General Assembly decision dated March 24, 2024, a further capital increase was approved, bringing the total to EGP 5,400,000,006.
The Bank offers banking services for individuals through its broad spectrum of retail banking products in addition to its corporate banking services for businesses and institutions through providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt’s overall economic and social development, as well as, providing investment and treasury services.
The Bank offers its services to its customers through its 36 branches nationwide. It is constantly working on expanding its geographical presence by opening new branches. In addition, the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services.