The Financial Regulatory Authority (FRA) has joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), a step towards enhancing the Egyptian economy as a green investment destination. It also reflects the international community’s recognition of Egypt’s efforts in the field of sustainable development.
The NGFS, launched at the Paris One Planet Summit in December 2017, is a group of Central Banks and Supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment.
On this occasion, Mohamed Omran, Chairperson of the FRA, reviewed the developments witnessed in the non-banking financial sector over the past two years to introduce green financial tools into the national economy.
He stressed that the FRA always seeks to facilitate the issuance of green bonds in Egypt, noting that green bond issuers have been granted 50% discount on the authority’s services.
Frank Elderson, NGFS chair and executive director at the Netherlands Bank, attributed the Network’s approval of the FRA’s membership to the latter’s commitment to addressing climate risk management in the financial sector.
He added that the Network’s members also ensured that the FRA was fully convinced of the importance of sustainable development as a pathway to reach a new global economic, social and environmental reality. In addition, numerous achievements have been made by the FRA in the field of sustainable development at the national level by applying the sustainability principles on the supervisory entity itself.
The NGFS membership base has grown significantly across five continents, as it consists now of 77 active members and 11 observer members.