November 3, 2022 — The Central Bank of Egypt issued a binding regulation requiring banks to integrate sustainable finance into banks’ credit and investment policies and procedures and to create an independent department for sustainability and sustainable finance.
The regulation seeks to encourage banks to finance more sustainable projects and to enhance investment opportunities in the country in line with Egypt’s Vision 2030.
The regulation is based on a gap analysis conducted by the Central Bank of Egypt on sustainable finance practices in the Egyptian Banking Sector, which highlighted the importance of developing a binding framework to enhance sustainable finance in the sector.