Elsewedy Electric makes Norges Bank’s investment blacklist after ESG screen

The day ESG came home to roost? Our friends at Elsewedy Electric, the high-profile EGX-listed industrial, infrastructure and energy player, are the first (we believe) Egyptian company to make the blacklist of the world’s largest sovereign wealth fund. The USD 1 tn Norges Bank said yesterday that Elsewedy was among a handful of new additions to its blacklist of companies in which it will not invest on the grounds that their core business allegedly carries a “risk of contribution to severe environmental damage.” Reuters has the story, and you can view Norges’ announcement here, their full blacklist here, or skim through the criteria to make their blacklist here (pdf).