Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has received approval to join the Central Banks and Supervisors-Network for Greening the Financial System (NGFS) as a member in a move that enhances Egypt’s presence on the green economy map.
This step will further improve the country’s ability to attract green investments, the Chairman of FRA, Mohamed Omran, said in a statement on Tuesday.
Over the last two years, the non-banking financial sector witnessed several measures taken to introduce green financial instruments into the national economy, Omran pointed out.
These decisions include the exemption of green bond issuers from 50% of FRA’s service fees and the creation of registry for local environmental observers to monitor green projects in Egypt.
The NGFS was launched by eight central banks and supervisors at the Paris One Planet Summit on 12 December 2017.
Since then, it has grown to include 77 active members and 13 observers, representing 5 continents.
