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IFC Eyes Banking, Manufacturing, Agriculture Launching Ethiopia's First ESG Code

Nov 30 , 2023

The International Finance Corporation (IFC) today unveiled a program to establish Ethiopia’s inaugural environmental, social and governance (ESG) Code, with sector-specific guidelines focusing on banking, manufacturing, and agriculture. A first for the country, the code seeks to instil a fundamental understanding of the principles within these sectors.

Central to the program's strategy is the goal of promoting sustainable business growth and encouraging private-sector investment in Ethiopia. An integral part of the plan involves enhancing the regulatory capacities of both the National Bank of Ethiopia (NBE) and the Ethiopian Securities Exchange (ESX).

Brook Taye (PhD), the director general of the Ethiopian Capital Market Authority, stressed the program's importance in identifying and addressing existing gaps in ESG compliance. He emphasized the critical role this initiative is expected to play in shaping the future landscape of Ethiopia's capital market.

Over the past five years, the IFC has channelled over 105 million dollars into supporting these sectors, with a particular focus on supporting agribusiness value chains and expanding digital connectivity. The IFC has also forged partnerships with the Accounting & Auditing Board of Ethiopia (AABE), the Addis Abeba Chamber of Commerce & Sectoral Association (AACCSA), and the Ethiopian Bankers Association (EBA).

Speaking at a recent event at the Skylight Hotel, Madalo Minofu, the IFC's country manager in Ethiopia, stressed the significance of robust ESG practices and regulations in the development of stronger, more resilient businesses.

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