CAIRO – The Central Bank of Egypt (CBE) announced joining the Network for Greening the Financial System (NGFS) in light of the state’s strategy for achieving sustainable development.
The bank believes in the key role of the banking sector in supporting green economy and the best international practices in this domain.
In a statement on Monday, the bank said its access to the NGFS is a major step to bolster banking stability as well as green economy in accordance with the state’s drive aiming to achieve sustainable growth in all domains.
The bank has taken several steps and launched a number of initiatives serving sustainable development and climate action ahead of this step, the statement said.
The Network for Greening the Financial System (NGFS) is a group of central banks and supervisors committed to sharing best practices, contributing to the development of climate –and environment– related risk management in the financial sector and mobilizing mainstream finance to support the transition towards a sustainable economy.
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