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FEB head: Egyptian banking sector allocates EGP 1 bn for sustainable development
Chairman of the Federation of Egyptian Banks (FEB) and Banque Misr Mohamed Etribi said the Egyptian banking sector allocated EGP 1 billion for supporting the sustainable development drive from January 2021 to December 2022.
He made the remarks during the 17th People and Banks Conference under the theme of “Sustainability and the Green Economy” which was held under the chairmanship of Hisham Okasha, the Chairman of the National Bank of Egypt.
Egypt’s portfolio of implementable green projects hit about dlrs 1.9 billion, 16 percent for renewable energy, 19 percent for clean transportation, 26 percent for sustainable water management and 39 percent for curbing pollution.
Etribi said the state will boost green investments by about 50 percent in the 2024-2025 fiscal year, noting that there is a chance for the banking sector and the private sector to contribute to these projects.
He noted that the FEB managed to launch the sustainable development committee to magnify the benefit of green economy frameworks in line with directives of the state.
He added that that the Central Bank of Egypt launched the Guiding Principles to reduce carbon emissions within banks’ premises.
In 2020, Egypt issued its first green bond in the London Stock Exchange. The five-year Egyptian sovereign green bond stood at $750 million, thus becoming the largest in the Middle East and North Africa region and the first of its kind in the London Stock Exchange.
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