On the social level, the EFG Hermes Foundation as always has done us proud, directing efforts towards grassroots pandemic mitigation efforts in Upper Egypt and partnering with high-profile national organizations to provide vital aid to the most vulnerable in our society. In tandem, two of our non-bank financial institutions (NBFI), Tanmeyah and PayTabs Egypt, provided various relief mechanisms for small and microenterprises to help them weather the economic downturn.
We also did not allow the pandemic to derail our environmental, social, and governance (ESG) integration efforts. In 2020, we incorporated ESG factors into our business manuals and processes, laying out our Responsible Investment Policy, developing a general ESG framework, and outlining the approach to ESG integration across our four business lines. We also continued to improve our reporting and disclosure procedure. In Q1 2020, we submitted our second transparency report as part of our commitment to the United Nations Principles for Responsible Investment (UN PRI) and renewed our commitment to the United Nations Global Compact (UNGC). We are also proud to report that this year’s sustainability report includes disclosure on gender diversity and inclusion for the first time. This comes as part of our core strategy to maintain a dynamic, diverse environment and attract and retain the best talent in the markets where we operate.
The EFG Foundation continued its outstanding work in Naga’ El Fawal in Luxor over the past year. The Montessori preschool we inaugurated there last year now has more than double the initial capacity, serving 100 children and creating 42 sustainable employment opportunities for village women. The preschool also serves 50 children with special needs, and our infrastructure and service upgrading projects continue apace.
On the business side, we continued to expand our investment portfolio in ways that support fulfilment of the SDGs. Our Vortex Renewable Energy platform, one of the largest renewable energy-focused investment managers in Europe, is expanding, with an aim to geographically diversify its clean energy footprint. We have also increased our commitment to financial inclusion by launching several NBFIs targeting different segments. PayTabs Egypt is a cutting-edge mass B2C and B2B payment acceptance and solutions provider, while EFG EV Fintech is the first financial technology-focused investment company in Egypt. It builds on our decades-long financial expertise and helps fintech start-ups improve their chances of success. We are very excited about the social and economic growth opportunities provided by these new ventures.
We view our approach to ESG as a journey guided both by the needs of our clients, of our staff, and of society as a whole. As a fully integrated financial service provider with presence in 13 markets across four continents and ambition to become even bigger, we cannot neglect our responsibility towards society. Looking back at 2020, I believe that this year will go down in our history as the year we demonstrated our unwavering commitment to sustainability, even when immediate priorities seemed different. As we start a new year, we continue to advocate for sustainable finance with the understanding that climate risk and social inequality pose significant market risk. It is our duty to mitigate that risk by making informed, principled choices that demonstrate how sustainable investment does not come with a financial trade-off.
I would like to take this opportunity to thank the EFG Hermes team throughout our operation for their commitment and dedication during this past year. It is thanks to you that we have been able to achieve these results.
I would also like to thank our stakeholders, partners and clients for their faith and support and herewith present our progress in this, our seventh annual Sustainability Report.
Sincerely yours,
