The Financial inclusion and Entrepreneurship Scaling (FInES) Project is training the loan officers from the commercial banks, development finance institutions and microfinance institutions in Environmental and Social Safeguards in order to safeguard the environment and people.
Speaking on Monday during the opening of the training, FInES Project Manager, Ralph Tseka said the training was aimed at building the capacity of staff from banks, development finance institutions and microfinance institutions on Environmental and Social Compliance.
“We are committed to undertake all project activities without causing harm to the environment and the people in general in accordance with the Environmental and Social Framework of the World Bank and the Malawi Government Environmental and Social Protection Legal Framework,” he said.
“Environmental and Social Safeguards is relatively a new phenomenon and some of the financial institutions do not take the issues of environmental social safeguards seriously,” he said.
He therefore urged the participants to take the environmental and social safeguards seriously as it will contribute to the successful implementation of the project.
According FInES Environmental Social Safeguard Specialist, Chisomo Gunda, the World Bank has environmental social framework which is designed to help borrowers manage project risks and impact and improve environmental and social performance.
“We want all the banks and participating microfinance institutions to finance businesses that will not degrade the environment and not cause harm to people,” she said.
One of the trainees, Monica Mandozo, Credit Administration Officer for Malawi Agricultural Industrial Investment Corporation (MAIIC) expressed gratitude for the training saying that their knowledge of environmental and social safeguards has been enhanced.
“We now understand the importance of compliance to the environmental and social safeguards. We have learnt the importance of responding to grievances timely and ensuring that the funds are going to the right businesses which comply to the environmental and social safeguards,” she said.
