Central Bank of Egypt Directs Banks to Support Exporting Clients and Align with International Environmental Standards
As part of the Central Bank of Egypt’s (CBE) ongoing efforts to promote sustainable finance and to stay aligned with global trends and international momentum to combat climate change, the CBE has issued a directive requiring banks to support their exporting clients in complying with international sustainability standards during the production process of their exported goods
These standards include the Carbon Border Adjustment Mechanism (CBAM), which aims to align carbon emissions from production processes with the benchmarks set by the European Union (EU) and the United Kingdom, facilitating the entry of Egyptian goods and products into foreign markets
According to the issued directive, banks will notify the CBE with a list of their exporting clients, as a proactive step to enhance banking stability and avoid potential risks associated with the implementation of the CBAM in the EU and the United Kingdom
Notably, this directive supports the transition of bank clients towards exporting environmentally compliant products that meet international standards, thereby boosting efforts to increase export rates to various markets and aligning with the country’s plans to achieve sustainable economic development
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