NFGS currently has 114 members from supervisory bodies of various financial and banking sectors across the world
As part of the state’s strategy and efforts towards sustainable development and a green economy, the Central Bank of Egypt announced yesterday it is joining the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
NGFS is one of the world’s most important bodies specialized in the field of green economy, working to achieve the goals of the UN for sustainable development and the principles of the Paris Climate Accords.
CBE’s joining of NGFS will support its efforts in maintaining banking stability and promoting a green economy in line with the state’s direction towards sustainable growth in all fields. It will also provide necessary funding for projects that contribute towards those goals.
According to a statement, becoming a member of the network comes in light of the government’s belief in the banking sector and CBE’s vital role in supporting the green economy and applying the best international best practices in this field.
NFGS currently has 114 members from supervisory bodies of various financial and banking sectors across the world.
It also aims to enhance the role of the banking sector in managing environmental and climate change risks and pumping capital into green projects through exchanging experiences and applying the best international practices.
