Egypt ascends from developing to advancing implementation category in sustainable finance rating
Egypt advanced from the developing-implementation category to the advancing-implementation category, earning an improved rating from the Sustainable Banking and Finance Network (SBFN), according to the recently published Global Progress Brief 2024 report by SBFN.
The upgraded classification, facilitated by the International Finance Corporation (IFC)-led SBFN, is a testament to the Central Bank of Egypt's (CBE) commendable efforts in promoting sustainable financing activities within the Egyptian banking sector.
The report underlines the collaborative efforts among Egypt's financial regulatory bodies, which highlight the nation's unwavering commitment to promoting sustainability and cultivating a more environmentally conscious economy.
Furthermore, the Ministry of Finance's issuance of the Sovereign Sustainable Finance Framework and Sovereign Green Bonds serves as a clear demonstration of Egypt's dedication to fostering Inclusive Sustainable Finance (ISF) endeavors.