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Central Bank of Egypt Mandatory Regulations

2022PolicyMitigation, Adaptation

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. 

Examples:
Resilient infrastructure, Fossil fuel divestment, Net zero growth plan, Sustainable fishing

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Circular issued by Central Bank of Egypt
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The summary of this document was written by researchers at the Grantham Research Institute . If you want to use this summary, please check terms of use for citation and licensing of third party data.