The Commercial Bank of Ceylon has signed an agreement with the Seoul-headquartered Global Green Growth Institute (GGGI), an international inter-governmental technical advisor on sustainable finance initiatives. The Memorandum of Understanding (MoU) ratified by the two entities sets the stage for a sustainable finance collaboration program and enhances Commercial Bank’s readiness to mobilise green and blue investment opportunities for the private sector.
This partnership between Commercial Bank and GGGI holds promise for accelerating sustainable finance initiatives in Sri Lanka, paving the way for a greener and more resilient economy, a Bank spokesman said.
According to the GGGI, Commercial Bank continues to show its commitment to expanding its green portfolio through the exploration of thematic bond issuances. Through this partnership, the Bank will gain GGGI’s international technical expertise and support for the creation of a thematic bond framework and strengthen its institutional capacity. The Bank lends to the renewable energy sector and has implemented many corporate and social responsibility activities, including a mangrove restoration project in Koggala, a marine turtle conservation initiative in Panama and the reforestation of a 100-hectare swath of degraded habitat belonging to the Kandegama forest in the Dimbulagala range of the Polonnaruwa district.