The Association of African Development Finance Institutions (AADFI), in partnership with the European Organization for Sustainable Development (EOSD), has sustained effort in ensuring that AADFI member National DFIs and other value-driven financial institutions comply with the sustainability standards and become Sustainability-Certified Financial Institutions. The Kenya Development Corporation (KDC), a member of AADFI, is the latest African DFI onboarded into the Sustainability Certification process in an SSCI kick-start virtual session held today, 11e April 2022.
By applying the Sustainability Standards, KDC has “demonstrated its full commitment to undergo a rigorous process of becoming a Sustainability-Certified Financial Institution”. The process will enable KDC “fulfill the criteria of adopting holistic sustainability and become one of the top financial institutions globally focused on achieving its development mandate, and that not only survive but thrive in the 21st-century business environment”.
The development of this initiative is based on more than a decade of thorough analysis, experiences, and consultations with key stakeholders from around the world. It capitalizes on the Global Sustainable Finance Network which brought together Association of African DFIs (AADFI), Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), governments, financial institutions, academia and other relevant players to discuss the landscape of banking and finance needed to create a truly sustainable economy.
The kick-off session for KDC witnessed presentations from the following personalities: Mr. Arshad Rab, Chairman of the International Council of Sustainability Standards (ICSS) and CEO of the European Organization for Sustainable Development (EOSD); Mrs. Patricia Ojangole, 1st Vice-Chairperson of the AADFI, Member of the ICSS, and Managing Director of the Uganda Development Bank Ltd (UDBL); Mr. Tom Hoyem, Board Member of the EOSD & ICSS, Germany, and former Cabinet Minister of the Kingdom of Denmark; Dr. Esther Mungai, Deputy Head of Mission, Embassy of the Republic of Kenya in Germany; Mr. Michael Nyachae, Chairman of the Kenya Development Corporation (KDC); Mr. Christopher G. Huka, Director General of Kenya Development Corporation (KDC). The session was moderated by Cyril Okoye, Secretary-General of the AADFI. During his Welcome and Keynote Address, Mr. Rab said that “the adaption of Sustainability Standards shall make KDC the nerve center of creating a sustainable Kenyan economy, a source of making the people of Kenya happier and healthier and make KDC an institution that is one of the leaders in environmental protection and a powerful force in tackling climate change.”