IFC’s SBFN upgrades Egypt’s sustainable finance ranking
Updated 4/29/2024 7:31:00 AM
Arab Finance: Egypt has moved up one notch in the Sustainable Banking and Finance Network (SBFN)'s sustainable finance rating of countries to the advancing-implementation category from developing-implementation, according to the Global Progress Brief 2024 report published by SBFN.
Upgrading the country’s classification by the International Finance Corporation (IFC)-facilitated SBFN came on the back of the Central Bank of Egypt’s (CBE) efforts to boost sustainable financing activities in the Egyptian banking sector.
“Collaboration among Egypt’s financial regulatory bodies underscores the country’s commitment to promoting sustainability and fostering a more sustainable economy,” the report read.
“Additionally, the issuance of the Sovereign Sustainable Finance Framework and Sovereign Green Bonds by the Ministry of Finance further demonstrates Egypt's dedication to Inclusive Sustainable Finance (ISF) efforts,” it added.
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