The London Institute of Banking & Finance (LIBF) and Egypt's Financial Regulatory Authority (FRA), represented by the Regional Center of Sustainable Finance (RCSF) have signed a Memorandum of Understanding (MoU) to promote sustainable finance via dedicated financial tools, standards, and reporting.
The MoU will see both parties work together to fulfil three specific objectives:
• improve the efficiency of and provide support for Egyptian non-banking financial services markets;
• raise awareness of the culture of sustainable development, sustainable finance and financial sector investment in Egypt; and
• Enhance capacity building for sustainability and financial tools for the green economy and governance in Egypt.
A key initial step for the MoU includes LIBF providing technical support to the FRA to draft an agenda for policies and strategies to promote sustainable finance. This will involve collaboration on the design and implementation of approved professional training programmes in this field for the non-banking financial sector in Egypt. The content will cover how to adopt a sustainable approach, green finance tools, a special reporting framework (ESG, TCFD, GRI), and an introduction to sustainable insurance and responsible investment.
Mohamed Farid Saleh, FRA Executive Chairman, said: "The MoU affirms the FRA's willingness to promote sustainable finance activities in Egypt, in coordination with the relevant stakeholders globally. The upcoming period will witness the implementation of the MoU terms with The London Institute of Banking and Finance through the Regional Center for Sustainable Finance. Sustainable finance is gaining momentum, at the domestic, regional, and global levels. The FRA has a vital role in promoting sustainability and sustainable finance through capacity building and training programs for the non-banking financial institutions to help them in integrating the ESG practices into their strategies and operations."
Kareem Refaay, LIBF Managing Director, added: "In working together to promote sustainability in Egypt, LIBF will exchange technical expertise with the FRA and assist in the field of sustainable finance and related fields."
The MoU was signed on Sunday 19 March 2023 at FRA headquarters, including a 60-minute CPD-accredited sustainable finance workshop, titled ‘The Challenges of Implementing a Sustainable Finance Framework', presented by Emmanuel Rondeau, Director of the LIBF's Center for Sustainable Finance.
LIBF is a professional body with a 140-year heritage - providing tailored education to support those working within the banking and finance sector all around the world.
The FRA regulate the financial service industry in Egypt, and they play a leading role in promoting sustainable development, green finance and responsible investment at a regional level in Africa and the Middle East.
