The Institute of National Planning and the General Authority for Financial Supervision signed the Regional Center for Sustainable Finance – a memorandum of understanding, in order to cooperate and exchange experiences in related fields of work and to enhance sustainable development efforts and sustainable financing mechanisms, in the presence of Dr. Mohamed Farid Saleh, Chairman of the General Authority for Financial Supervision and Dr. Ashraf Elaraby, President of the National Planning Institute.
Ashraf Elaraby: Signing a memorandum to enhance cooperation and partnership with various bodies
In this regard, Dr. Ashraf El-Araby, President of the Institute of National Planning, explained that the signing of the memorandum of understanding comes within the framework of the Institute’s keenness to enhance areas of cooperation and partnership with various governmental and non-governmental bodies and institutions, noting that the Institute of National Planning and the General Authority for Financial Supervision have distinguished scientific, professional and administrative expertise. It qualifies them to enter into effective and fruitful partnerships that contribute to promoting sustainability practices in the non-banking financial sector to support its contribution to achieving a just transition towards a sustainable economy.
Based on the Institute’s vision to play an influential and sustainable role in planning and development issues at the national level within the framework of the sustainable development strategy (Egypt’s Vision 2030) and Egypt’s strategy for climate change (Egypt 2050), El-Araby indicated that the Institute of National Planning was one of the first bodies to prepare the carbon footprint report. The institute is also in the process of launching its sustainability report.
Al-Arabi explained that the institute, since its establishment in 1960, has been operating as a leading think tank and implementing a variety of training and capacity-building programs, as well as postgraduate programs, including academic and professional master’s in planning and sustainable development, in addition to a professional master’s program in monitoring and evaluation. The institute also has a specialized economic modeling unit. As well as the Center for Consultation and Data Analysis CDAC to provide support to government institutions and the private sector, through the experiences of the members of the distinguished scientific staff of the institute and in partnership with local, regional and international institutions and bodies.
Dr. Mohamed Farid: Developing frameworks for joint cooperation with the academic community
For his part, Dr. Mohamed Farid stressed the keenness of the Financial Supervisory Authority to develop frameworks for joint cooperation with academic circles such as the National Planning Institute, through the Regional Center for Sustainable Finance, with the aim of enhancing competencies and raising awareness regarding sustainable financing by launching awareness and capacity-building programs, as well as conducting research and studies on Sustainable financing, encouraging the private sector to issue green bonds, social bonds, sustainability bonds and other green financing tools, in addition to completing efforts to activate the voluntary carbon emission reduction certificates trading market, and supporting the Egyptian state’s efforts to achieve carbon neutrality, in support of Egypt’s Vision 2030 to achieve development. sustainable.
Farid added that the main objectives of cooperation between the two parties within the framework of this memorandum included: promoting non-banking financial markets (capital market, insurance, financing) and providing the necessary support for their development, raising awareness of the culture of sustainable development and sustainable financing, and responsible investment in the financial sector, in addition to promoting Building the self-capabilities of the two parties in terms of sustainability, financial tools for the green economy, governance, entrepreneurship and small business development.
Dr. Farid explained that the Regional Center for Sustainable Finance is an essential pillar for integrating the sustainability process into non-banking financial activities, that the center is specialized in providing support and technical advice to ensure the commitment of parties obtaining green financing to invest this financing in the purpose for which it is intended, and the center has an advisory board that includes a number He is one of internationally, regionally and locally eminent personalities with experience and competence, with the aim of proposing the policies that the center will follow in its work, and proposing cooperation programs and exchanging experiences with institutions, centers and entities concerned with sustainable financing at the local, regional and international levels.
It is worth noting that the signed memorandum of understanding set clear frameworks for joint areas of work with regard to the exchange of experiences between the two sides, to implement vocational training programs in the field of development and sustainable financing, and to provide contractual services to conduct specialized consulting and research, in addition to participating in holding conferences and events to raise community awareness of sustainability issues.