Egypt’s Central Bank issues binding regulations to accelerate transition toward green economy

The Central Bank of Egypt (CBE) issued binding sustainable finance regulations, which are set to help accelerate transition towards a green economy and respond to current and emerging environmental and social risks.

They will also serve as a milestone in strengthening the role of the banking sector towards achieving Egypt’s Vision 2030 in line with the national direction towards achieving the Sustainable Development Goals (SDGs) and the conviction in the pivotal role of sustainable finance in supporting financial and banking stability, the CBE said in a statement today.

The regulation encompasses several pillars, including the establishment of an independent department for sustainability and sustainable finance within each bank, as well as binding banks to integrate policies and procedures for sustainable finance within their credit and investment policies.