Mashreq, a leading financial institution in the MENA region, announced a transformative collaboration in Egypt with VeryNile, a pioneering sustainability initiative “Bring back the Nile”. Aimed at leading Nile conservation efforts, this strategic partnership, under Mashreq’s umbrella global initiative Climb2Change, integrating the bank’s wide-ranging ESG efforts, sustainable finance commitments, and environmental and social impact milestones, aims to drive innovative change in conservation efforts while empowering local communities.
As part of this partnership, Mashreq and VeryNile come together to eliminate plastic from the Nile, a critical step towards the total restoration of the river’s ecological balance and to deploy direct financial support local fishermen for their livelihood. The collaboration’s two-pronged approach will yield substantial environmental and economic benefits Nile-reliant population, underscoring Mashreq’s steadfast contribution to creating resilient and equitable communities.
In essence, Mashreq’s partnership with VeryNile signifies a fusion of financial empowerment and environmental responsibility, aiming to empower over 200 fishermen with access to financial services, thereby advancing financial inclusion and fostering community development.
Amr El Bahey, CEO of Mashreq Egypt, affirmed, “Our partnership with VeryNile goes beyond traditional banking; it’s a testament to our unwavering commitment to sustainability and environmental protection, and proof of our dedication to safeguard the Nile – the lifeline of our nation and a symbol of Egypt’s rich heritage. Through this collaboration we are empowering our communities to become active participants in the critical conversation around sustainability and social impact, ensuring a cleaner, healthier Nile for future generations.”
Alban de Ménonville, Founder and Manging Director of VeryNile said, “Partnering with Mashreq Egypt marks a pivotal moment in our journey to restore the Nile’s health and protect our environment. Through this collaboration, we are not only addressing the urgent issue of plastic pollution but also empowering local communities who depend on the river. Together, we are taking concrete steps towards a cleaner Nile and a more sustainable future for Egypt. This partnership is a testament to the power of collective action in driving environmental and social change.”
The Nile, flowing through ancient pathways to expansive seas, represents more than a waterway for Egypt. Yet its purity has been compromised by human impact. Shockingly, 20% of the plastic pollution in the Mediterranean Sea originates from the Nile River, with 75% of fish caught in these waters containing microplastics. This alarming situation necessitates urgent action, which Mashreq and VeryNile are taking head-on through this partnership.
Through responsible banking practices, impactful social initiatives, and a drive towards net-zero emissions objectives, Mashreq is setting a new standard for sustainable finance in the region. The bank fosters global collaboration to shape a more sustainable future and seeks to motivate and empower stakeholders, ranging from individuals to businesses, to proactively contribute to shaping a sustainable future and embark on their own Climb2Change journey.
