CBE official: Applying sustainable financing lures new category of investors

01 / 03 / 2024

By Marwa Nassar - -

Deputy Director of Sustainability Department of the Central Bank of Egypt (CBE) Shimaa Demiri said applying sustainable financing attracts a new category of investors interested in this kind of financing.

She said the CBE is interested in sustainable financing in the current time as this helps maintaining financial stability in the long run.

She made the remarks during the 14th CSR & Sustainable Development Forum, currently held in the Red Sea resort city Sharm El Sheikh.

Demiri said Egypt faces many major environmental challenges, including resources scarcity, environment pollution and climate changes and its fallout on the whole world not only Egypt.

She referred to the dangers of climate change, like drought which affects agriculture, therefore climate change casts its shadow on both the economic and environmental aspects.

Dalia Akmal, Specialist in Sustainable Finance at the CBE, emphasized that Sustainable Development Goals cannot be achieved without financing, adding that the role of the CBE is to support banks in moving ahead towards sustainable economic activities.

She added that the CBE issued the Guiding Principles on Sustainable Finance and was deeply interested in capacity building and necessary knowledge integration as well as incorporating sustainable finance elements into banking operations.

In 2022, all Egyptian banks measured their carbon footprint in their main buildings, she highlighted.