Egypt’s Financial Regulatory Authority (FRA) has announced two cooperation agreements with the International Finance Corporation (IFC) to develop sustainability assessment tools for the nonbank financial sector and expand corporate governance training. Under the first agreement, the IFC will develop an environmental, social and governance (ESG) scorecard, including its indicators and technical criteria, and review the sustainability reporting framework being prepared by the FRA. It will also help draft proposed responsibilities for sustainability officers and train FRA staff on International Financial Reporting Standards (IFRS) S1 sustainability disclosures and IFRS S2 climate disclosures. The cooperation follows the FRA’s earlier review of a draft roadmap for phased adoption of IFRS sustainability disclosure standards. The second agreement allows the FRA’s Egyptian Institute of Directors to use and adapt IFC educational materials in its accredited training programs for three years. These cover sustainability training and certification for board members, company secretaries’ responsibilities, and internal controls. The content addresses practical governance procedures, including risk management, internal audit and compliance.
Egypt’s Financial Regulatory Authority signs IFC agreements on sustainability assessment and corporate governance training
Egypt’s Financial Regulatory Authority has announced two cooperation agreements with the International Finance Corporation covering sustainability assessment and corporate governance training. Technical support will include a sustainability scorecard, review of a reporting framework, proposed sustainability officer responsibilities and training for regulatory staff. A separate agreement gives the Egyptian Institute of Directors access to IFC governance training materials for three years.