Egypt makes progress in SBFN’s sustainability ranking: Egypt has moved one step higher in the financing sustainability ranking published by the IFC-backed Sustainable Banking and Finance Network (SBFN) as the Central Bank of Egypt (CBE) doubles down on its commitment to the country’s sustainable financing sector, the SBFN’s 2024 report (pdf) showed.

Egypt is now in the advancing-implementation category: The country landed in the advancing-implementation category, moving one step up from developing-implementation, but still below the consolidating-maturing and mainstreaming behavioral changes-maturing categories reserved for more sustainability minded finance frameworks. Egypt’s rating has been bumped up four times since it joined the SBFN in 2016, according to a statement from the central bank announcing the most recent upgrade.

What they said: “Collaboration among Egypt’s financial regulatory bodies underscores the country’s commitment to promoting sustainability and fostering a more sustainable economy … Additionally, the issuance of the Sovereign Sustainable Finance Framework and sovereign green bonds by the Ministry of Finance further demonstrates Egypt's dedication to [inclusive sustainable finance] efforts.”

Sovereign Sustainable Finance Framework? The Finance Ministry launched a framework for issuing sustainable sovereign debt in January of last year, broadening the ministry’s green financing framework and allowing the government to issue new kinds of debt instruments that foster social and sustainable development — these include blue, green, and gender bonds.

How does the SBFN size up a country’s level of sustainability in finance? The int’l network reviews a country’s progress using three pillars — ESG frameworks within banking activities, the strength of its climate risk management frameworks, and the efforts of regulators to feed capital inflows into the green economy, such as through issuing green bonds.

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