The Central Bank of Egypt (CBE) has recently signed a memorandum of cooperation (MoC) with the French Development Agency (AFD) to implement the “Finance in Common” program, which aims to support comprehensive economic development in Egypt.
The agreement was signed by Hassan Abdullah, CBE Governor, in the presence of the French Ambassador to the Arab Republic of Egypt, Eric Chevalier, Clémence Vidal de la Blache, Regional Director of the French Development Agency—Egypt, a number of central bank leaders, and a representative of the European Union.
The program aims to promote the principles of sustainable financing in the financial and banking sector and work on developing and making sustainable financing available to micro, small, and medium-sized companies.
Through the Finance in Common program, the French Development Agency aims to form partnerships with financial and banking institutions by providing technical support, capacity-building programs, and credit facilities to participating banks to expand the financing of projects that consider environmental and social elements such as climate action, sustainable funding, and environmental risk management and methods.
This cooperation is part of the CBE’s efforts to implement the best international practices in this field, believing in the vital role played by the banking sector in addressing environmental and social challenges.
