Kuwait, 19 May 2024: Kuwait International Bank (KIB) has announced the signing of a memorandum of understanding (MoU) with ECO, a pioneering business incubator in the fields of environment and renewable energy. The initiative aims to boost innovation in the business sector, support Kuwaiti projects, and adopt new environmental ideas. This step reflects the Bank's commitment to its strategic objectives of supporting sustainable development projects and advancing progress in Kuwait, by enhancing environmental awareness within the community and transitioning to alternative energy sources, thereby reducing dependence on traditional energy.

Commenting on the new MoU, Marwa Marafie, Manager of Marketing and Corporate Communications at KIB, said: “At KIB, we take pride in embracing various initiatives and supporting efforts that ensure we achieve our goals concerning the transition to the safe use of alternative and renewable energy, and reducing reliance on traditional energy solutions. This commitment aligns with the Bank’s comprehensive strategy and its leadership role among institutions that support sustainable development and environmental solutions. These efforts enhance community welfare and raise awareness about the importance of environmental protection and the positive impact of sustainable environmental practices. This is in line with our slogan 'Bank for Life'.”

On his part, Jassem Al-Abouh, founder and CEO of ECO Incubator for Environment and Renewable Energy Projects, praised this significant step, saying: “As ECO is the first business incubator of its kind in Kuwait and consists of many local initiatives, we value the launch of this strategic partnership with KIB that will give a lending hand to Kuwaiti environmental projects. We view ourselves as a crucial link between innovators, and governmental and private entities aiming to achieve sustainable environmental impact. Such vital initiatives unleash comprehensive excellence by merging practical experience with academic knowledge to develop effective solutions for the environmental and energy challenges facing Kuwait and the region.”

As a leading initiative in the fields of sustainability and renewable energy, ECO plays a significant role in providing technical and advisory support to transform progressive environmental ideas into successful projects. Moreover, it encourages research and development and boosts environmental awareness by organizing educational events and workshops. These activities help foster a culture of environmental appreciation and emphasize the importance of taking tangible steps toward a more sustainable lifestyle.

It is worth noting that KIB spares no effort in strengthening its relationships and strategic partnerships which reflect its commitment to Environmental, Social, and Governance (ESG) principles, as well as add value in achieving sustainable environmental goals in Kuwait and the region. These efforts align with the Bank's dedication to implementing its innovative plans under the umbrella of its comprehensive social responsibility program, which plays a crucial role in elevating the community's standard of living.