Arab Finance: The Central Bank of Egypt (CBE) has directed banks to provide the necessary support to their exporting clients to help them comply with international sustainability standards throughout the production stages of their export goods, Ahram Gate reported.

These standards include the carbon adjustment mechanisms, under which carbon emissions caused by production processes align with the measures set by the European Union and the UK.

They are intended to facilitate access for Egyptian goods to international markets.

This move is a part of the CBE’s ongoing efforts to promote sustainable finance and align with global developments in combating climate change.

Under the new directives, banks are required to submit to the CBE a list of their exporting clients.

This step aims to proactively strengthen banking sector stability and minimize potential risks that may arise from the implementation of carbon border adjustment mechanisms in European and UK markets.

It also supports exporters to turn to environmentally-compliant exports with international standards. This boosts export rates to various markets in line with the state’s plans to achieve sustainable economic development.

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