The Central Bank of Egypt (CBE) issued binding instructions on sustainable finance, which is one of the effective steps to boost the role of banking sector to achieve the vision of the state and push forward transition towards green economy in addition to facing environmental and social risks.
In a statement, CBE said the step runs in line with the country’s tendency to achieve the goals of sustainable development in light of Egypt Vision 2030 and promote the important role of sustainable finance to support financial and banking stability.
The instructions include several main axes including establishing an independent department for sustainable finance in each bank in addition to forcing banks to list executive policies and measures related to sustainable finance among the bank’s credit and investment policies, the statement added.
The instructions were prepared according to the best international practices to cope with the Egyptian banking sector, the statement said.
The instructions were issued after analysing a study on the banking sector in March 2022 which resulted in the importance of laying down a binding framework to boost sustainable activities and sustainable finance in banks, the CBE said.
The new instructions come as part of the CBE efforts to enrich the concept of sustainable finance and list it among the activities of the banking sector.
However, the volume of net international reserves went up by $33.4 billion late October, the Central Bank of Egypt (CBE) said on Thursday.
The bank said this rate increased by $214 million compared with the volume of September.
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