Wednesday May 22nd, 2024
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Egypt's Performance in Sustainable Finance Upgraded to 'Advancing'

The assessment was made by the Sustainable Banking Network, a global initiative by the IFC.

Cairo Scene

Egypt's Performance in Sustainable Finance Upgraded to 'Advancing'

According to the Sustainable Banking Network (SBFN), an initiative under the International Finance Corporation (IFC), Egypt’s performance in developing its capabilities in sustainable finance has recently been upgraded to ‘Advancing’. The Central Bank of Egypt (CBE) received commendation for its efforts in fostering sustainable financial practices, as revealed in the SBFN Global Progress Report - 2024. The report underscores Egypt's progress in integrating sustainability into its financial sector.

Since joining the SBFN in 2016, Egypt has steadily progressed through various stages. It was most recently in the ‘Developing-Advancing’ stage before rising to ‘Advancing’. Key accomplishments highlighted by the CBE include the issuance of comprehensive guidelines, extensive capacity building programs for banking personnel, and the completion of a thorough finance gap study aimed at identifying sectoral challenges and opportunities.

The SBFN's assessment framework, centered around three fundamental pillars - ESG Integration, Climate Risk Management, and Financing Sustainability - provides a comprehensive overview of member countries' sustainable finance efforts. With a membership spanning 70 countries and representation from 91 institutions, the SBFN is a prominent global advocate for sustainable finance. Through collaborative endeavors, the network aims to support local priorities, enhance banking sectors, and ensure financial stability while advancing sustainability goals on a worldwide scale.

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