Summary
The Central Bank of Egypt has announced that it will issue binding regulations on sustainable finance in order to achieve sustainable development goals and Egypt's Vision 2030. The regulations are based on a gap analysis conducted by the Central Bank of Egypt on sustainable finance practices in the Egyptian banking sector. The regulations require banks to incorporate sustainable finance policies within their credit and investment policies, establish an independent department for sustainability and sustainable finance, and prepare periodic reports on their sustainable financing activities. Banks must also consult an accredited environmental expert to assess environmental risks of large corporate projects. The regulations will take effect on various dates starting from April 1st 2023 and will be enforced by the Central Bank of Egypt.