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Tuesday, 15 October 2019

FRA green-lights plans to set up regional organization to promote green finance

Finance industry regulator gives okay to regional green investment group: The Financial Regulatory Authority (FRA) approved yesterday a proposal to set up a regional organization to promote green investment in Africa and the Middle East, it said in a statement. The Regional Center for Sustainable Finance, it said, would channel global investment into environmentally-friendly projects in the new administrative capital and look to replicate the success of the Benban solar park.

The story is light on detail of who is backing the center, who will run it, whether it will invest capital of its own or serve only as an investment promotion agency, etc. The FRA positioned the creation of the body as part of the government’s bid to meet its 2030 UN Sustainable Development Goals and targets set out in its Vision 2030 strategy. Signoff on the agency will require cabinet approval.

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