Circular issued by Central Bank of Egypt

Passed/Approved

The Central Bank of Egypt (CBE) issued mandatory regulations through a circular in November 2022 to require banks to:&nbsp;
·       Set up an independent unit that deals with sustainability and sustainable finance by 1 April 2023;&nbsp;
·       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.&nbsp;

Central Bank of Egypt Mandatory Regulations

Main document

Timeline

Note