CBE Signs MoC with AFD to Implement "Finance in Common" Program

The Central Bank of Egypt (CBE) signed a memorandum of cooperation (MoC) with the French Development Agency (AFD) to begin implementing 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, and a number of leaders of the central bank and a representative of the European Union.

The program aims to promote the principles of sustainable financing in the financial and banking sector as well as working to develop and make sustainable financing available to micro, small and medium-sized companies.

The French Development Agency - through the Finance in Common program - aims to build partnerships with financial and banking institutions  by providing technical support and capacity building programs as well as credit facilities to banks participating in the program for the purpose of expanding the financing of projects that take into account environmental and social elements; such as climate action and sustainable financing, and environmental risk management and methods

This cooperation comes within the framework of the CBE's efforts to implement the best international practices in this field, out of belief in the vital role played by the banking sector in confronting environmental and social challenges.