Egypt's FRA founds regional center for sustainable finance

CAIRO – 15 March 2021:Egypt’s Financial Regulatory Authority (FRA) established a Regional Center for Sustainable Finance, according to FRA’s Chairman Mohamed Omran.

Omran clarified that the new center will focus on strengthening the Egyptian economy’s existence on the global green economy map as the Middle East and Africa (MEA) region’s first sustainable finance center.

“It will complete the institutional and organizational structure of the FRA’s Financial Services Institute, representing an important addition to the “Knowledge Hub” that the FRA is currently establishing,” Omran added.

Head of Sustainable Development Department and Advisor to the Chairman at FRA Sina Hbous, has been appointed as the new center’s Executive Director.

The center’s establishment follows the global green bond markets surpassing $1 trillion since the introduction of similar financial vessels in 2007.

The members of the center’s advisory board elected Mahmoud Mohieldin as Chairperson of the advisory board for its first session. He will hold the position for the next three years.

Mohieldin said that investing in green finance has become imperative for global investment and financial institutions of various sizes and activities.

He also said that global investment flows within the green economy basically require the presence of those types of centers that play the role of a compass in directing investments.