According to the statement, the sector's initiatives include targeted financial inclusion accounts for vulnerable groups, specialized financing for farmers, and programmes addressing students' educational needs.
Egypt's banks offer customized products for women and support gender equality through financial and non-financial services for women entrepreneurs.
Moreover, they have launched green financing programmes and bonds to promote clean energy and climate action.
The sector's commitment to the Principles for Responsible Banking, established by the United Nations Environment Programme Finance Initiative (UNEP FI), is notable. It has achieved a compliance rate of 75 percent across the banking portfolio.
These principles aim to align banking strategies with the SDGs, promote responsible customer engagement, and enhance positive societal impacts.
In recognition of these efforts, the Sustainable Banking and Finance Network (SBFN) recently upgraded Egypt's sustainable finance rating from "Developing" to "Advancing" in its 2024 report.
This upgrade reflects Egypt's progress in developing sustainable finance frameworks in line with international best practices.
Egypt's rating has improved four times since joining SBFN, highlighting its commitment to integrating sustainability principles into its financial system.
CBE affirmed that the banking sector’s dedication to sustainable finance is a crucial step toward building a more diversified and sustainable economy that meets the needs of current and future generations.
The central bank is leading a robust initiative to enhance sustainable finance within the banking sector, aligning with Egypt’s Vision 2030 and the UN’s SDGs.
Egyptian banks are expanding their financial services to incorporate environmental and social considerations, reflecting a commitment to sustainable development.
The statement added that CBE encourages banks to finance sustainable economic activities, including renewable energy projects and waste recycling initiatives.
The focus also extends to supporting micro, small, and medium-sized enterprises (MSMEs) and creating innovative financial products for citizens with low to middle incomes and persons with disabilities (PWDs).
Therefore, Egyptian banks have developed over 24 new products and financing programmes targeting various sectors, such as energy efficiency, agriculture, healthcare, and digital transformation.
Around 31 banks have introduced initiatives that support the development of a competitive and diversified economy, promote sustainable growth, and enhance employment opportunities.
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