{"id":619239,"date":"2024-04-29T00:00:00","date_gmt":"2024-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/ifcs-sustainable-banking-and-finance-network-upgrades-egypts-sustainable-finance-rating\/"},"modified":"2024-04-29T00:00:00","modified_gmt":"2024-04-29T00:00:00","slug":"ifcs-sustainable-banking-and-finance-network-upgrades-egypts-sustainable-finance-rating","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/ifcs-sustainable-banking-and-finance-network-upgrades-egypts-sustainable-finance-rating\/","title":{"rendered":"IFC\u2019s Sustainable Banking and Finance Network upgrades Egypt\u2019s sustainable finance rating"},"content":{"rendered":"

E<\/strong>gypt makes progress in SBFN\u2019s sustainability ranking: <\/strong>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\u2019s sustainable financing sector, the SBFN\u2019s 2024 report (pdf)<\/a> showed.<\/p>\n

Egypt is now in the advancing-implementation category: <\/strong>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\u2019s rating has been bumped up four times since it joined the SBFN in 2016, according to a statement<\/a> from the central bank announcing the most recent upgrade.<\/p>\n

What they said:<\/strong> \u201cCollaboration among Egypt\u2019s financial regulatory bodies underscores the country\u2019s commitment to promoting sustainability and fostering a more sustainable economy \u2026 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.\u201d<\/p>\n

Sovereign Sustainable Finance Framework?<\/strong> The Finance Ministry launched a framework for issuing sustainable sovereign debt in Jan<\/a>uary of last year<\/a>, broadening the ministry\u2019s green financing framework and allowing the government to issue new kinds of debt instruments that foster social and sustainable development \u2014 these include blue, green, and gender bonds.<\/p>\n

How does the SBFN size up a country\u2019s level of sustainability in finance?<\/strong> The int\u2019l network reviews a country\u2019s progress using three pillars \u2014 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

The SBFN attributed the upgrade to \u201ccollaboration among Egypt\u2019s financial regulatory bodies\u201d to promote sustainability<\/p>\n","protected":false},"author":1,"featured_media":619240,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,72,246,759,368,8555],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-enterpriseam","tag-green-economy","tag-international-finance-corporation","tag-sustainability","tag-sustainable-banking-and-finance-network","wpautop","entry"],"acf":{"mongo_id":"186b92e6-5646-462a-90c5-1fea4c77495d","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1058.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IFC\u2019s Sustainable Banking and Finance Network upgrades Egypt\u2019s sustainable finance rating","related_issue":[619232],"teaser":"The SBFN attributed the upgrade to \u201ccollaboration among Egypt\u2019s financial regulatory bodies\u201d to promote sustainability","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.71565696-af09-487a-8ca7-58650eed1f0c.mp3"},"yoast_head":"\nIFC\u2019s Sustainable Banking and Finance Network upgrades Egypt\u2019s sustainable finance rating - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/ifcs-sustainable-banking-and-finance-network-upgrades-egypts-sustainable-finance-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC\u2019s Sustainable Banking and 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PRB is a framework launched by the United Nations Environment Programme Finance Initiative (UNEP-FI) where member banks\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548458,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/09\/cop27-human-rights-are-getting-attention-internationally\/","url_meta":{"origin":619239,"position":4},"title":"COP27 + human rights are getting attention internationally","author":"enterpriseam admin","date":"9 August 2022","format":false,"excerpt":"COP27 + climate is back in the foreign press this morning: Reuters says that tensions are rising ahead of the summit, as developing countries increase their demands for wealthy nations to compensate them for losses and damage they endured due climate change. Meanwhile, ESG finance site Capital Monitor talks to\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600970,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/14\/tax-authority-banks-meet-to-discuss-implementation-of-new-tax-treatment\/","url_meta":{"origin":619239,"position":5},"title":"Tax Authority, banks meet to discuss implementation of new tax treatment","author":"enterpriseam admin","date":"14 February 2019","format":false,"excerpt":"The Tax Authority met with a committee from the Federation Of Egyptian Banks yesterday to discuss the best way to implement proposed amendments to the Income Tax Act, according to a Finance Ministry statement. The new treatment, which would change how banks and corporations account for income from investments in\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619239"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619239\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619240"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619239"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619239"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}