Recommendations of the Sustainability and Sustainable Finance Forum: Towards joint Arab sustainability

Recommendations of the Sustainability and Sustainable Finance Forum… towards joint Arab sustainability

After being held from March 17 to 19 in Sharm El-Sheikh, the Arab Banking Forum “Sustainability and Sustainable Finance Forum” concluded today. It was organized by the “Union of Arab Banks” in cooperation with the “Central Bank of Egypt” and the “Egyptian Banks Union”, and this is under the patronage of “Governor of the Egyptian Central Bank” Hassan Abdullah; For joint Arab sustainability.

The forum’s activities come with the participation of: Dr. Wissam Hassan Fattouh, “Secretary General of the Union of Arab Banks,” Major General Ramah Hashem, “President of the City of Sharm El-Sheikh,” Sherif Gamea, “Director General of the Egyptian Banks Union,” and Sherif Lokman, “Deputy Governor for the Financial Inclusion and Sustainability Sector at the Central Bank of Egypt,” with the participation of more than 200 participants from 14 Arab countries, representatives of the financial sectors. And the banker.

Over the course of three consecutive days – with 12 sessions – 27 speakers from Egypt and several Arab regional countries spoke, as the forum discussed topics of importance, includingSustainable finance and its role in supporting financial and banking stability, including global standards for assessing the effects of banking sustainability, as well as strategies and initiatives of central banks seeking to enhance Sustainability and support for sustainable financing. Sustainable finance: opportunities, challenges, innovative solutions, financial markets and investment opportunities in low-carbon sectors.

This, the forum discussed the role of financial institutions and international organizations in promoting sustainability and sustainable financing, and their role in confronting the phenomenon of climate change: opportunities and challenges and its impact on the financial risks of banks, and the role of governmental, legislative and regulatory bodies and organizations in providing an appropriate environment to support banking sustainability, green banking products, and financial technology, and in enhancing sustainable financing mechanisms in banks, and integrating elements of environmental, social and institutional governance into strategies. Banks.

The Union of Arab Banks announced seven recommendations in the Sustainability and Sustainable Finance Forum, which are:

• Calling on the “Union of Arab Banks” to coordinate with the “Arab Monetary Fund” on the importance of adopting green banking goals, exchanging experiences between central banks, as well as benefiting from the experience of the Central Bank of Egypt in the fields of sustainability and sustainable financing, then transferring the experience to all Arab countries.
• Calling Arab banks to integrate elements of environmental, social and institutional governance into their strategies.
• Continuing to prepare training plans, then building capabilities in the fields of sustainability and sustainable financing among Arab banks.
• Concluding partnerships related to sustainability between the “Union of Arab Banks” and a number of international partners and specialized international institutions; In order to enhance the capabilities of Arab banks, and also to identify the most important effective international practices.
• Attention to the importance of achieving integration in goals and policies between relevant national authorities and central banks, to ensure the achievement of Sustainable Development Goals (SDGs).
• Urging Arab banks to continue permanent efforts in the field of financial inclusion, and in micro, small and medium enterprises, as they have a major role in achieving the Sustainable Development Goals (SDGs).
• He also urged Arab banks to stress the importance of integrating climate change risks into banking risk management, in accordance with the latest requirements of the Basel Committee.

The participants in the forum extended their sincere thanks and gratitude to the Arab Republic of Egypt – the president, the government and the people, for embracing the work of the forum, and for the generous hospitality and warm reception, with their wishes that goodness and peace will spread throughout the Arab Republic of Egypt, and for what it has provided for the sake of Arab sustainability.