FRA launches regional plan to encourage green economy

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Mon, 14 Oct 2019 - 09:37 GMT

FILE- Chairperson of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran

FILE- Chairperson of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran

CAIRO - 13 October 2019: Head of the Financial Regulatory Authority (FRA) Mohamed Umran unveiled on Sunday the launching of a regional plan to encourage green economy in the African continent.

He said the financial centers in Africa have a good opportunity to transfer African countries into global green financial hubs once funds are provided.

Umran was speaking before representatives of member states of the UN Environment Program (UNEP)-convened International Network of Financial Centers for Sustainability (FC4S) in Geneva.

He said the FRA represents Egypt in the network, adding that Egypt is one of five African countries contributing to the regional plan of action of the FC4S.

The FC4S, a global network of 30 financial centers, aims at allowing financial centers to exchange expertise and mainstream green and sustainable finance both locally and internationally.

In just over two years, the UN Environment Program (UNEP)-convened International Network of Financial Centers for Sustainability (FC4S) has grown from a small movement into one that includes major financial centers from across the world.

These centers met in Geneva to set out a new strategy aiming to align their investments with the Paris Agreement and the Sustainable Development Goals – both of which need a major boost in funding to achieve their objectives.

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