Regulator FRA and UK Banks to Boost Sustainability
The London Institute of Banking & Finance (LIBF) and Egypt’s Financial Regulatory Authority (FRA) have signed a Memorandum of Understanding (MoU) to promote Sustainable Finance through dedicated financial tools, standards, and reporting. The MoU was signed by the Regional Center of Sustainable Finance (RCSF), which represents FRA.
By signing an MoU with LIBF, Egypt's financial sector is reinforcing its dedication to sustainable development, with a focus on developing greater awareness, targeted policies, and a more robust framework for sustainable finance in the country.
Under the MoU, both parties will collaborate to achieve three main goals: first, to enhance the efficiency and support of non-banking financial services markets in Egypt; second, to increase awareness of sustainable development culture, sustainable finance, and financial sector investment in the country; and third, to improve capacity building for sustainability and financial tools that support the green economy and governance in Egypt.
Dr. Mohamed Farid Saleh, FRA Executive Manager, expressed his enthusiasm for the MoU, stating that it affirms the FRA's dedication to promoting sustainable finance activities in Egypt in coordination with global stakeholders. He added that sustainable finance is gaining momentum at the domestic, regional, and global levels, and the FRA has a critical role in promoting sustainability and sustainable finance through capacity building and training programmes for non-banking financial institutions.
British Ambassador to Egypt Gareth Bayley also praised the agreement, highlighting the importance of a sustainable financial sector in achieving positive change and supporting Egypt's green transition journey.
Kareem Refaay, LIBF’s Managing Director, stated that the institute will exchange technical expertise with the FRA and assist in the field of sustainable finance and related fields as part of its efforts to promote sustainability in Egypt.
One of the crucial first steps of the MoU is for LIBF to offer technical assistance to the FRA in creating an agenda for policies and strategies to promote sustainable finance. This collaboration will involve designing and implementing approved professional training programmes for the non-banking financial sector in Egypt.
The training content will cover various aspects of sustainable finance, including how to adopt a sustainable approach, the use of green finance tools, and a special reporting framework for ESG (Environmental, Social, and Governance), TCFD (Task Force on Climate-related Financial Disclosures), and GRI (Global Reporting Initiative). It will also provide an introduction to sustainable insurance and responsible investment.