Financial Regulatory Authority (FRA) hosted a workshop in collaboration with the European Union (EU) and the United Nations Development Programme (UNDP) in Egypt to discuss the proposed draft roadmap for implementing the IFRS Sustainability Disclosure Standards.<\/p>\n
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The workshop was organized under the Sustainability Disclosure and Management Hub (SDMH) program, implemented by the UNDP under the EU-led Sustainable Finance Advisory Hub (SFAH). The initiative supports the development of national sustainability management and disclosure frameworks while enhancing cooperation between government bodies, regulatory authorities and market participants to foster an investment environment capable of attracting capital, advancing climate commitments and achieving Sustainable Development Goals (SDGs).<\/p>\n
The draft roadmap outlines a phased implementation approach, starting with simplified climate disclosures, progressing to initial IFRS implementation and culminating in full adoption. This phased model accommodates varying levels of readiness regarding governance, data availability and quality, internal systems, technical capabilities and audit\/assurance requirements.<\/p>\n
The roadmap begins in Phase 1 with a focus on simplified climate-related disclosures. Phase 2 then transitions into the initial implementation of the IFRS Sustainability Disclosure Standards which scales up in Phase 3 to achieve full standard compliance. Finally, a subsequent phase will introduce disclosures aligned with Global Reporting Initiative (GRI) standards to incorporate double materiality and support a broader, impact-oriented framework.<\/p>\n
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Dr. Islam Azzam, FRA Chairman emphasized that developing the sustainability disclosure framework aims to deliver reliable and comparable data on sustainability risks and opportunities. This enables investors and report users to make more efficient decisions, supports optimal capital allocation and enhances Egyptian market competitiveness.<\/p>\n
He explained that as the regulator of non-banking financial markets in Egypt, FRA recognizes the growing importance of sustainability disclosures and international trends. The Authority has taken proactive regulatory steps aligned with Environmental, Social, and Governance (ESG) principles and Task Force on Climate-related Financial Disclosures (TCFD) recommendations.<\/p>\n
Dr. Islam Azzam noted that the draft roadmap remains under review prior to final approval. Its phased structure respects varying readiness levels among regulated entities, builds on existing requirements and allows companies to progressively upgrade data systems, governance structures, internal controls and capacity.<\/p>\n
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The workshop was attended by Mr. Mahmoud Gebril, Assistant to FRA Chairman; Ms. Aya Ali, General Manager of Sustainable Development Department; Mr. Giacomo Bogo, Coordinator, Trade, Investments and Digital Transformation, EU Delegation to Egypt; Mr. Ghimar Deeb, Deputy Resident Representative, UNDP Egypt along with key institutional stakeholders.<\/p>\n
Participants reviewed evaluation outcomes of current disclosures, identifying challenges related to disclosure depth, institutional sustainability frameworks, expertise availability and resource allocation. Discussions highlighted the need to stronger align sustainability targets with measurable performance metrics while further integrating sustainability into corporate strategy and risk management.<\/p>\n
To address these gaps prior to mandatory compliance at each stage, the draft roadmap incorporates capacity-building measures, technical guidelines, digital transformation support and data tools.<\/p>\n
Mr. Mahmoud Gebril, Assistant to FRA Chairman, noted that transitioning to international sustainability standards requires upgrading underlying institutional and technical infrastructure. Key priorities include training personnel, improving data accuracy, strengthening governance and ensuring active engagement among companies, investors, auditors and service providers throughout implementation.<\/p>\n
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He added that the roadmap builds directly upon Egypt\u2019s existing disclosure framework rather than establishing a separate system. By upgrading current ESG and climate disclosures toward IFRS standards\u2014the recognized global benchmark\u2014the framework provides a consistent base for reporting financially material sustainability risks and opportunities, ultimately driving higher-quality reporting and informed capital allocation.<\/p>\n
The roadmap establishes a disclosure framework aligned with international standards while remaining suited to Egypt\u2019s local market context, strengthening the capacity of Egyptian companies and capital markets to capture sustainability-driven opportunities.<\/p>\n","protected":false},"author":7,"featured_media":25043111,"parent":0,"template":"","format":"standard","categories":[144],"tags":[3704,3742,3910,5680,5681,5682],"fra_news_taxonomy":[2137,2138],"news_paper_taxonomy":[],"class_list":["post-25118553","fra_news","type-fra_news","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","tag-fra-chairman","tag-financial-regulatory-authority","tag-dr-islam-azzam","tag-workshop-with-eu-and-undp-egypt","tag-sustainability-disclosure-system","tag-international-financial-reporting-standards-foundation-ifrs","fra_news_taxonomy---en","fra_news_taxonomy-----en"],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/25118553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/25043111"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=25118553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=25118553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=25118553"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=25118553"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=25118553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}