الهيئة العامة للرقابة المالية

• The Advisory Board formulates policies, initiates cooperation programs, and facilitates the exchange of expertise with development partners at both regional and international levels
• The board comprises distinguished international, regional and national experts
• Dr. Mohamed Farid, Executive Chairman of the Financial Regulatory Authority:
• We place significant emphasis on supporting the achievement of sustainable development goals and advancing climate action within the non-banking financial sector
• The launch of the first regulated and monitored voluntary carbon market reinforces FRA’s commitment to fostering national efforts in promoting sustainability and climate action.
• Dr. Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda : overcoming the obstacles facing development and climate finance requires cooperation mechanisms at the national, regional and international levels that contribute to the mobilization of just finance as well as the facilitation of capacity building and technical assistance”

Dr. Mohamed Farid, Executive Chairman of the Financial Regulatory Authority (FRA) and Chairman of the Financial Services Institute, the FRA’s training arm, has issued a decree on the formation ofthe new Advisory Board of the Regional Center for Sustainable Finance, the FRA’s arm dedicated to sustainable development. The decree designates Dr. Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda, the UN Climate Change High-Level Champion for COP27 and the Chairman of Advisory Board of African Network of Glasgow Financial Alliance for Net Zero (GFANZ) as the Chairman of the Advisory Board. This step signifies the continuation of the FRA’s commitment in advancing and integrating sustainable development goals and enhancing climate action within the non-banking financial sector.

The advisory board includes the following members, (presented in alphabetical order) : Alaa El Zoheiry, Chairman of the Insurance Egyptian Federation of Egypt; Anthony Miller, UN-SSE Coordinator; Barbara Buchner, Global Managing Director – (CPI);  Dalia Abd elkader, Chief Sustainability Officer –CIB; Hussein Abaza, Advisor on Sustainable Development and Green Economy; Justin Mundy, Strategic Adviser to the Capital, Science & Policy Practice at Willis Towers Watson and Distinguished Fellow  – (WRI);  Mark Halle, Senior Advisor –  (FC4S); May Abulnaga,  Sub Governor – CBE; Mohamed Nasr, Lead Negotiator and Director of Environment and Sustainable Development Department –  Minister of Foreign Affairs.

In addition to, Nada El Agizy, Director of Sustainable Development and International Cooperation Department –  League of Arab States; Ndidi Nnoli-Edozien, Chair, Circular Economy Innovation Partnership and Managing Partner Afrikairos GmBH; Obaid Al Zaabi, Executive Chairman – (AAAID); Rola Dashti, Executive secretary – UN- ESCWA; Simon Zadek, Chair of Finance for Biodiversity and Senior Advisor – (TNFD);  Sonja Gibbs, Managing Director and Head of Sustainable Finance and Global Policy Initiatives –  (IIF); Susanna Gable       Deputy, Director, Development Policy and Finance – Gates Foundation; Timothy Afful Koomson, Regional Director –  GFANZ Africa; Vera Songwe, Co-Chair – ( IHLEG),

The advisory board is mandated to  suggesting policies that guide the work of the Regional Centre   recommending partnership programs, and promoting the exchange of knowledge with institutions involved in sustainable finance at local, regional, and international levels. Moreover, the board contributes significantly to the center’s success by offering perspectives and advice on its activities and proposing necessary steps to ensure the center fulfills its duties effectively.

The Regional Center for Sustainable Finance is a pioneering institution in the Middle East and Africa, dedicated to raising awareness and understanding of sustainable finance, fostering a green economy culture within the non-banking financial sector, strengthening climate action efforts to protect the environment, and advocating for responsible investment practices in the non-bank financial sector. Operating under the auspices of the Financial Services Institute, the center aims to provide technical assistance and guidance to all entities involved in achieving sustainable development goals, as well as to enhance training and awareness of sustainable finance through the launch of awareness, capacity-building, and training programs in Egypt, the Middle East, and Africa. Additionally, it seeks to offer environmental friendly non-bank financial instruments and integrate responsible investment policies into the strategies of the non-bank financial sector.

Dr. Mohamed Farid, the Executive Chairman of the Financial Regulatory Authority, stated that the FRA regards sustainable finance as a vital component of achieving sustainable development goals. He emphasized the importance of creating an enabling  environment, establishing robust legislative and regulatory frameworks, and strengthening strategic partnerships with regional and international development institutions to facilitate access to sustainable finance that supports sustainable development goals for a better life that meets everyone’s needs

Dr. Farid further stated that the FRA prioritizes supporting the achievement of sustainable development goals and strengthening climate action within the non-bank financial sector. He noted that the establishment of the first regulated and supervised voluntary carbon market by the Financial Regulatory Authority, in collaboration with relevant entities such as the Ministry of Environment, reinforces the FRA’s efforts in achieving sustainable development goals and advancing climate action.

Dr. Mahmoud Mohieldin, the UN Special Envoy on financing the 2030 Agenda, stated that overcoming the obstacles facing development and climate finance requires the creation of cooperation mechanisms at the national, regional and international levels that contribute to the mobilization of just finance as well as the facilitation of capacity building and technical assistance”

The Financial Regulatory Authority has launched the first regulated and supervised voluntary carbon market after fulfilling all necessary requirements and regulatory landscape for registering voluntary carbon emission reduction projects. This market empowers project developers and financiers to issue carbon credits for projects registered with the FRA and trade through a platform established for this purpose by the Egyptian Exchange, attracting both domestic and international investors to trade these carbon credits. In recent days, the new market has witnessed approximately 20 transactions involving voluntary carbon credits, as well as the signing of forward contracts for carbon credits.

The center seeks to capitalize on the Financial Regulatory Authority’s efforts to integrate sustainable development principles into the non-bank financial sector, particularly in the areas of green and sustainable finance, following the completion of the legislative framework governing it. Recently, there has been a surge of activity across various fronts to provide innovative financing solutions that incorporate sustainable development considerations. These efforts include amendments to the Executive Regulations of the Capital Market Law No. 95 of 1992, which regulate the issuance of green bonds and sukuk specifically intended for financing and refinancing environmental friendly projects, as well as other types of bonds supporting sustainable development activities and fostering deeper levels of sustainability within non-bank financial institutions. Furthermore, the FRA’s decrees support efforts to qualify and empower women and increase their representation on boards of directors, along with various training programs organized by the FRA to enhance the capabilities of non-bank financial institutions in meeting disclosure requirements related to environmental, social, and governance practices in their annual reports and financial statements.