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Saturday, April 20, 2024

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Central Bank of Egypt issues binding sustainable finance regulations to accelerate transition toward a green economy

EGYPT: The Central Bank of Egypt (CBE) has issued binding sustainable finance regulations to accelerate Egypt’s transition toward a green economy, a statement confirmed. The regulations aim to, among others, increase banks’ financing of sustainable projects.

The regulations also include the establishment of an independent department for sustainability and sustainable finance in banks in addition to requiring banks to integrate policies and procedures for sustainable finance within their credit and investment policies.

ISFI previously reported on the 6th October 2022 that the prime minister of Egypt issued a decision to amend the provisions of the executive regulations of the Capital Market Law No 95 of 1992 to facilitate the work of investment funds and the development of sustainable bonds to support the government’s efforts to achieve the SDGs.

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