IFC’s SBFN Boosts Egypt’s Sustainable Finance Standing

– Egypt has ascended one rank in the Sustainable Banking and Finance Network (SBFN)’s sustainable finance assessment, moving into the advancing-implementation category from developing-implementation.

– The reclassification, documented in the Global Progress Brief 2024 report by SBFN, reflects the Central Bank of Egypt’s (CBE) initiatives to bolster sustainable financing practices within the country’s banking sector.

– Collaboration among Egypt’s financial regulatory bodies and the issuance of the Sovereign Sustainable Finance Framework and Sovereign Green Bonds by the Ministry of Finance underscores Egypt’s commitment to promoting sustainability and inclusive sustainable finance efforts.

Egypt has advanced one position in the Sustainable Banking and Finance Network (SBFN)’s sustainable finance ranking, moving from the developing-implementation category to the advancing-implementation category, as revealed in the Global Progress Brief 2024 report issued by SBFN.

The reclassification, facilitated by the International Finance Corporation (IFC) SBFN, follows concerted efforts by the Central Bank of Egypt (CBE) to enhance sustainable financing practices within the Egyptian banking sector.

The report highlights the collaborative efforts among Egypt’s financial regulatory bodies, underscoring the nation’s commitment to promoting sustainability and fostering a more sustainable economy.

Additionally, it notes the significant steps the Ministry of Finance took, including the issuance of the Sovereign Sustainable Finance Framework and Sovereign Green Bonds, as evidence of Egypt’s dedication to advancing Inclusive Sustainable Finance (ISF) initiatives.