SBP unveils report on SDGs from banking perspective

SBP unveils report on SDGs from banking perspective

SBP unveils report on SDGs from banking perspective

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir unveiled the ‘SDGs and sustainability report – Pakistan banking sector perspective’ report in Dubai on March 23, 2022, a statement said on Friday.

The report was launched in an event on the theme ‘The Future of Green and Sustainable Finance – The Role of the SDGs’ organised by the Global Ethical Finance Initiative (GEFI) in collaboration with the government of Scotland and the United Kingdom Islamic Finance Council (UKIFC).

In his keynote address, Dr Baqir highlighted the SBP’s and the government’s commitment to the Sustainable Development Goals (SDGs), demonstrated by initiatives to achieve these goals and work to ensure sustainability.

He emphasised that Pakistan is one of the first few countries to adopt SDGs 2030 agenda through a unanimous resolution of the Parliament.

He highlighted that the seven pillars of Vision-2025 of the government of Pakistan are fully aligned with the SDGs and provide a comprehensive long-term strategy for achieving inclusive growth and sustainable development.


Dr Baqir highlighted some of the key initiatives undertaken by the SBP including a landmark policy entitled ‘Banking on Equality’ to address gender gap in financial inclusion and the flagship Mera Pakistan Mera Ghar (MPMG) scheme to provide financing for low cost and affordable housing in the country, which was nonexistent prior to 2021.

The MPMG has so far attracted applications amounting to Rs357 billion out of which housing loans of Rs157 billion has been approved with the disbursement of Rs56 billion, he informed.

The SBP Governor mentioned the central bank’s innovative renewable energy financing facility, which encourages banks to increase green financing portfolio and reduce carbon footprint.

Dr Baqir lauded the work done by Pakistani banks on SDGs, however, he stressed that the banks boards and management should explicitly convey their commitment and support for implementation of SDGs to their teams and other stakeholders to embed this message.

He also said that the banks should develop implementation plans with identification of timelines and responsibilities to achieve SDGs in conjunction with capacity building programmes.

This is the first ever report from the banking perspective that not only maps the progress on SDGs 2030, set by the United Nations, by banks but also highlights specific gaps in achieving them.


Other speakers included Scotland Minister for Trade Ivan McKee while the event was attended by policy makers, senior bank executives, financial advisers, diplomats and academics who shared insights on the SDGs.

The SBP Governor also participated in the fireside chat during the event with Ivan McKee.

During discussion, Dr Baqir brought attention to the important role of private sector finance in the funding of the SDGs commitments.

He said that the space for private sector investments is huge, and in this regard the government is providing the required facilitation and regulatory flexibility.

He also emphasised that the emerging market countries also need innovative financial structures from international financial institutions and multilaterals to meet the enormous financial needs to meet sustainability requirements.

Read More News On

Catch all the Banking News, Business News, Dubai Islamic Bank News, Breaking News Event and Latest News Updates on The BOL News

Download The BOL News App to get the Daily News Update & Follow us on Google News.

End of Article

Next Story