BSTDB Hosts the MFI Working Group Meeting on Environmental and Social Standards

Event | 25-May-2023

The Black Sea Trade and Development Bank hosted a three-day Meeting of the Working Group of Multilateral Financial Institutions (MFI) on Environmental and Social Standards.   Bringing together environmental and social experts from 20 international financial institutions and national development agencies, the meeting took place in Thessaloniki from 23-25 May 2023.  The primary objective of the meeting was to address issues of common concern, including  climate risks and Paris Alignment, the impact of war in Ukraine and its consequences,  challenges related to ESG financing, energy and food security, as well as biodiversity, labour and supply chains.

In his opening statement, Dragos-Paul Ungureanu, BSTDB Vice President Risk, stated that “environmental and social considerations are increasingly important for all stakeholders, including clients, investors, and banks. Multilateral Development Banks (MDBs), in particular, have a greater responsibility to incorporate these considerations into their decision-making processes due to their impact on communities, the environment, and climate. BSTDB shares a similar approach to sustainability by integrating environmental and social sustainability principles into their development finance model.”

The MFI Working Group on Environmental and Social Standards convenes twice a year aiming at harmonizing relevant approaches and practices.