The Central Bank of Egypt (CBE) issued mandatory regulations through a circular in November 2022 to require banks to:
· Set up an independent unit that deals with sustainability and sustainable finance by 1 April 2023;
· From 2024, submit periodic reports, including a quarterly report on sustainable finance activities, and a yearly sustainability report by 31 March of each year;
· From July 2023, engage an environmental consultant certified by the Ministry of Environment to assess environmental risks for major projects seeking funding; and
· Integrate sustainable finance policies into lending and investment policies.
