Abu Dhabi (Al Ittihad)
Emirates Global Aluminum has announced the opening of sustainable bank accounts for the company, in collaboration with Standard Chartered Bank and Citibank, to promote sustainability. Emirates Global Aluminum is among the first companies in the region to choose these accounts which contribute to the of cash balances to finance or repay Financing projects to support sustainability in other parts of the economy.
EGA uses these interest-bearing accounts to deposit funds for day-to-day operations and other short-term transactions.
Zuhair Al-Rajaji, the firm’s Chief Financial Officer, said, “Through this step, we seek to improve our cash balances in the banks for sustainability across the economy, in line with our goals in the firm, such as Emirates Global Aluminum plays an important role in developing infrastructure for more communities.” Sustainability all over the world and it is also important that aluminum is produced in a sustainable way that preserves the environment. The company works to ensure sustainability across all of its operations, focusing on decarbonisation and issuing annual sustainability reports.”
Citibank offers sustainable deposits to help companies invest excess funds in deposit accounts aimed at supporting the financing of environmental and social projects, such as renewable energy, energy efficiency, sustainable transport, green buildings, infrastructure implementation and basic services a affordable prices.
Stephen Bonvino, Head of Institutional and General Sales, Trade and Treasury Solutions, Emerging Markets EMEA at Citibank, said: “Our clients make sustainability a top priority and the deposit strategy is an innovative way to demonstrate our commitment to helping our customers to achieve their sustainability. We are delighted to establish this partnership with EGA and look forward to supporting them on their sustainability journey.”
Mohamed Salama, Executive Director and Regional Head of Commercial, Corporate and Institutional Banking for the Middle East and North Africa at Standard Chartered Bank, said: “We see sustainability efforts going far beyond finance, covering the economy and the general needs of customers. Bank has been “A major catalyst for the sustainability agenda in the UAE and the Middle East and North Africa region, and our participation has expanded through notable and leading national companies such as Emirates Global Aluminium, where we offer our partners a wide range of products and services.”
