The Central Bank of Egypt (CBE) has issued a series of binding regulations to promote sustainable finance, according to a circular (pdf) released last week. The regulations come in a bid to realize sustainable development goals after a recent bank survey indicated sustainable finance activities in banks needed to be bolstered by a “binding framework.”

What do the regulations mean for banks in Egypt? The regulations mandate that all banks operating in Egypt will establish an independent unit to overlook sustainable and sustainable finance by 1 April, 2023 and submit quarterly and yearly reports tracking their sustainable finance activities by 31 March of each year starting 2024. Each bank will hire an Environment Ministry-certified consultant to assess environmental risks for major projects seeking funding starting July 2023 and incorporate sustainable finance policies into lending and investment.