Insurance companies operating in the Egyptian market are urged to take sustainability into account in their investment decisions, said Financial Regulatory Authority (FRA) chairman Mohamed Omran.
He made these remarks on 9 May as the FRA released, for the fourth year in a row, its annual report on sustainability.
The report outlines the FRA’s efforts at incorporating the principles of sustainable development and green finance in the non-bank financial sector. The regulator started in 2018 to build a strong financial sector capable of adapting to climate change and minimising its negative effects in line with Egypt’s Vision 2030, reported Amwal Al Ghad.
Dr Omran revealed that this year’s sustainability report included, for the first time, the FRA’s disclosure of its compliance as an institution with ESG standards related to sustainability.
The report also reflects the FRA’s interest in adopting the standards of the Global Reporting Initiative, an international independent organisation that helps businesses, governments and other organisations understand and communicate the impact of businesses on critical sustainability issues such as climate change. M