RBL recommits to multi-million $$ injection for SMEs

ABOUT half of Republic Bank’s $200 million planned investment for micro, small and medium-sized enterprises (MSME) has already been disbursed to about 1,300 businesses.

The bank has pledged $200 million to support SMEs by 2025 as part of its Power to Make a Difference corporate social responsibility programme.

RBL vice-president Richard Sammy made the revelations during the opening of RBL’s two-day sustainability expo on September 13.

The event is open to the public and free of charge. It featured 80 diverse local SMEs, dealing in agriculture, renewable energy and dozens of other sustainable industries.

The expo also featured a “conversation café” in the Torenia Hall, where attendees spoke with experts on topics ranging from finance to technology.

Sammy said RBL is a committed partner in the fight against climate change. He also spoke about the bank’s various pledges.

"Through our NGO partnerships here in TT, we expect to invest $125 million over a five-year period, ending in 2028 (to improve) equity, reduce marginalisation and protect the vulnerable.

"We’ve taken steps to be the leader in sustainable financing, pledging US$200 million in funding towards sustainable business ventures and projects.

“I’m pleased to share that 75 per cent (US$150 million) has already been disbursed to projects in clean energy, energy efficiency, environmental protection, water management and waste management, among several other areas."

Sammy also spoke on RBL's commitment to enhancing agriculture and ensuring food sustainability and security.

He said the group also pledged US$100 million by 2025 towards reducing the region’s food import bill and bolstering its agri-business chain.

Sammy said the bank is also committed to its responsibilities, internally.

“We’re transforming talk into action in how we operate as an institution.”

He said an environmental social governance management strategy was created just after the Group Sustainability Unit was established, to build a culture of corporate sustainability.

“Based on this strategic approach, we aim to reduce our group-wide fossil emissions within our real estate portfolio by 26.4 per cent and our power generation sector emission intensity by 25.1 per cent by 2030.”

The group, he said, has procured a state-of-the-art carbon data management platform to manage and monitor its carbon footprint more effectively to set actionable targets.