Sina Hbous, Head of Sustainable Development Department and Advisor to the Chairman at FRA, has been appointed as the new center’s Executive Director
Egypt’s Financial Regulatory Authority (FRA) has established a Regional Center for Sustainable Finance, announced Chairperson Mohamed Omran.
The center will focus on strengthening the Egyptian economy’s presence on the global green economy map as the Middle East and Africa (MEA) region’s first sustainable finance center.
Omran said the center 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.
Sina Hbous, Head of Sustainable Development Department and Advisor to the Chairman at FRA, 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.
Hisham Ramadan, Assistant to Chairperson and Executive Director of the Financial Services Institute, said that the Regional Center for Sustainable Finance will spread awareness of sustainable financing.
It also aims to promote the culture of green economy within the non-banking financial sectors (NBFS), and promote environmental conservation practices.
Hbous said that the new center will bear the responsibility of building the capacity of private sector companies in the non-banking financial sector, whilst enabling green financing.
The center will also build up the principles of sustainable financing and sustainable insurance, and support the introduction of green financial products in all non-banking financial sectors. This is with the aim of encouraging the reorientation of private capital flows necessary to bridge the investment gaps in the region in the field of green finance, sustainable insurance, and responsible investment.
Omran added that an advisory board has been formed for the regional center, which includes: El Sayed Turki, a sustainability expert and senior advisor to the Federation of Egyptian Industries (FEI); James Zan, Head of the Investment and Projects Division of the United Nations Conference on Trade and Development (UNCTAD); and Hussein Abaza, a sustainability expert and advisor to both Minister of Planning and Economic Development, and Minister of Environment, in Egypt.
The board also includes: Dalia Abdel Kader, Head of the Sustainable Finance Sector at the Commercial International Bank (CIB); Robert Battalano, Acting Head of the Financial Markets Division of the Organization for Economic Cooperation and Development (OECD); Sonia Gibbs, Executive Director and Head of Sustainable Finance in the Global Policy of the Institute of International Finance (IIF); Aisha Mahmoud, Special Adviser to the Governor of the Central Bank of Nigeria for Sustainable Banking Services; Obaid Al Zaabi, Chief Executive Officer of the UAE’s Securities and Commodities Authority; Mark Haley, Senior Advisor to the International Network of Financial Centers from For Sustainability (FC4S); Mahmoud Mohieldin, Executive Director at the International Monetary Fund (IMF); and Nada El Ajizy, Minister Plenipotentiary and Director of the Sustainable Development and International Cooperation Department at the Arab League.
