Green Finance between SMART Myanmar and AYA Bank

SMART Myanmar, a four-year project (2016-2019) funded by the European Union, and AYA bank, the fastest growing bank in Myanmar signed an MOU on green finance on 30 January. It is intended to help garment factories access finance for environmentally sustainable and energy saving improvements. The objective of the MoU between the SMART Myanmar project and AYA Bank is to jointly identify and pilot bankable green projects within 2019, to inspire and guide more substantial green lending programs in the years to come. The rapid growth, including 25% year-on-year growth of garment industry since 2012, and other industries have brought new environmental management challenges. Thus production efficiency, energy, water and waste management requires best practice solution to reduce carbon footprint. U Myint Zaw, Managing Director of AYA bank said, “We must support a green & verdant environment with our business activities. Green finance is a new focus for us and one in which we are excited to work.”