MFB (Hungarian Development Bank) was founded in 1991 and is 100% owned by the Hungarian State. Its main objective is to provide financing in areas where commercial banks cannot lend effectively, and it focuses on filling market gaps. As a development bank, MFB Zrt. acts as one of the drivers of Hungary’s transition to a fair and sustainable economy through financing. In line with its mission as a development bank, it considers it an important mission to contribute to Hungary’s sustainable economic growth and emission reduction and to facilitate the transition to a climate-neutral and environmentally friendly economy with the right technologies, while ensuring that this transition is compatible with the needs of society.
MFB Zrt. published its first ESG (Sustainability) Report 2021 in December 2022 and the ESG (Sustainability) Report 2022 in September 2023.
MFB Zrt. has introduced the Green Office Program as part of its environmental responsibility and obtained the Green Office Program certification in 2022. It regularly measures its carbon footprint (Scope 1 and 2 emissions) using the Bilan Carbon tool developed by the French ABC (Association Bilan Carbone). It has developed a Sustainable Financing Framework with 6 green and 3 social objectives in line with international standards (GBP, SBP, GLP, SLP), which allows the Bank to coordinate its sustainability-related borrowing and lending activities (including “green” and “social”). The certification of the Framework was carried out in February 2023 by Sustainalytics Morningstar with the issuance of an SPO (Second Party Opinion). It has started to develop a system to measure the environmental and social impact of its sustainable financing activities.
MFB Zrt. “green” and “social” financing portfolio in line with international standards (ICMA, LMA recommendations, EU Taxonomy Regulation) 06.2023. As of 30.03.2023, the following were structured as follows: green buildings: HUF 19,378.00 million; renewable energy projects: HUF 37,974.00 million; green corporate bonds: HUF 93,400.00 million; micro, small and medium enterprise programme loans: HUF 322,155,726.302 million; financing for the Student Loan Centre: HUF 64,646.00 million; green guarantees: HUF 35,240.00 million.
MFB Zrt. attaches great importance to ensuring ethical and responsible operations, has a Code of Conduct and Ethics, an Ethics Committee and an independent and autonomous ethics procedure for investigating reports of violations within the Bank.
The Bank is committed to respecting human rights, fundamental human values and diversity, to condemning all forms of discrimination and to ensuring equal opportunities within the organisation.
The Bank ensures transparency in the organisation by operating a compliance function, which is an important element of the Bank’s corporate governance and internal control system.
By joining the BCSDH, it aims to strengthen its role in addressing environmental and social sustainability challenges. It is expected that the membership will contribute to MFB Zrt. increasing its financing activities related to sustainable development through new, innovative financial products based on the financing needs of its member organisations, as well as to developing long-term, value-creating cooperation, knowledge and experience exchange with responsible business leaders and organisations committed to the topic.