In an important step towards settling green economy within the Egyptian economy, FRA’s Chairman announced that the International Network of Financial Centres for Sustainability (FC4S Network) has accepted FRA to be a member of its Network. In this respect, the non-banking financial sector in Egypt can achieve the first steps to establish Regional Financial Center for Sustainability in Cairo.
The Egyptian economy gains a foothold within the International Network of Financial Centres for Sustainability (FC4S Network). The (FC4S Network) is a global investment platform and the core building of a financial system based on sustainability and trusted by policy makers and investment decision makers in the world.
He said that joining the (FC4S Network) and collaborating with all international organizations concerned with sustainability is one of the pillars of FRA’s comprehensive strategy to support the sustainable economy. Hence, FRA will become the lighthouse of sustainability in the Egyptian non-banking financial sector.
He added that the Authority has a clear and specific strategic objective of "contributing to sustainable development". He noted that FRA is working to achieve this objective through several axes, including raising awareness of the importance of sustainable development principles and how to integrate them into the operating systems of non-banking financial institutions. Besides, encouraging those institutions to switch to green finance and adopting conservation and natural life policies for a better world.
According to Omran, accepting the Egyptian Regulator's membership reflects the appreciation of the steps taken by the Egyptian State, represented by FRA, to raise awareness of the importance of sustainability and its positive impact on economic growth while preserving the environment. He adds that by joining the (FC4S Network) Cairo will be the gateway to investment for this kind of economy within Africa, after the global investments for sustainable development last year reached nearly 70 trillion US dollars.
It is worth mentioning that the FC4S Network was launched in September 2017, as a partnership between the International Financial Centers and the United Nations Environment Program (UNEP). Currently, more than 20 international financial centers are members of the organization.
This initiative focuses on how to create a financial system that integrates sustainability into its operations which will lead to a flow of resources towards more inclusive and sustainable activities. The FC4S Network aims at discussing proposals and identifying priorities that can be used by all stakeholders in the financial sector, leading to policy coherence among different capitals, financial centers, governments, central banks, financial regulators and participants from the private financial sector to take serious and progressive steps towards activating green and sustainable finance.
Finally, by FRA’s membership of the FC4S Network, the Egyptian market will be in the forefront of Arab and African markets that joined the Network.