- Partnership to promote projects in the region with an emphasis on climate change mitigation and adaptation, environmental sustainability and 'blue economy'
- Agreement signed in Tel Aviv by President & Chief Executive Officer of Bank Leumi and Vice President of the European Investment Bank
The European Investment Bank, the world’s largest international public bank, and Bank Leumi, Israel’s leading banking institution will strengthen cooperation to increase support for climate mitigation and adaptation, environmental sustainability, and blue economy investment in Israel.
The agreement will allow closer cooperation between climate finance experts from the two institutions to share climate finance best-practice and experience that enhanced the impact of financing for climate technology, climate innovation, builds on the EIB's pioneering leadership in green bonds.
The new agreement was signed today at Bank Leumi's headquarters in Tel Aviv by Hanan Friedman, President & Chief Executive Officer of Bank Leumi and Gelsomina Vigliotti, Vice President of the European Investment Bank. The event was attended by Samer-Haj Yehia, Chairman of Bank Leumi, alongside several members of the Bank's senior management.
Samer-Haj Yehia, Chairman of Bank Leumi: "As part of Bank Leumi's ESG strategy, we strive to finance green projects, especially in the climate-tech field, both locally and regionally, while we see the EIB as our major partner in realizing this vision. Leumi, as the most veteran bank in the Middle East and the leading Israeli bank for 121 years, is proud to continue building the economy based on sustainability principles - for the benefit of future generations."
Hanan Friedman, President & CEO of Bank Leumi: "The agreement we have signed today is important to us, to our customers, to our investors and to other partners. We believe that our responsibility towards the environment in which we live and operate should be backed by actions. Therefore, we are extremely proud to be the strategic partners of the European Investment Bank in Israel. I would like to thank you for your support in our joint journey for the benefit of the State of Israel and the region".
“Closer cooperation between the European Investment Bank and Bank Leumi demonstrates our shared vision of unlocking high-impact investment that enable a more sustainable future, adapts to a changing and more extreme climate and fosters innovation that accelerates climate action. By combining their expertise and resources, both institutions are well-positioned to tackle the pressing challenges of climate change, drive environmental sustainability, and promote investment in the blue economy.” said Gelsomina Vigliotti, Vice President of the European Investment Bank.
”Scaling up private sector engagement is crucial for successfully tackling climate change. The Partnership between the EIB and Bank Leumi is helping to enable Israeli businesses to increase climate investment and embrace renewable energy and closer cooperation will unlock innovation investment and paves the way for a greener and more sustainable future.” said H.E Dimiter Tzantchev, Ambasador of the European Union to Israel.
The new partnership agreement signed today build on joint support for new investment by Israeli companies to reduce energy bills, increase renewable energy use and adapt to a changing climate.
Building on EUR 500 million support for climate investment by Israeli business
Earlier this year, the EIB provided EUR 500 million in support for targeted climate business financing by Bank Leumi in Israel. The largest ever dedicated climate focused business financing scheme in Israel is supporting climate change mitigation and adaptation measures across by manufacturing, agriculture and trade companies.
The new agreement includes sharing of best practices and experiences based on the EIB's pioneering leadership in green bonds. Green bonds have become a crucial financial instrument for directing investments towards environmentally friendly projects.
By leveraging the EIB's unique expertise in this field, Bank Leumi will be able to further develop its sustainable finance engagement in the region, contributing to the growth of green initiatives and fostering sustainable economic development.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
