Egyptian financial watchdog chief to partake in AfDB Annual Meetings IFRS session

The Egyptian financial watchdog head will participate in a plenary session on IFRS sustainability disclosure standards as part of the African Development Bank’s (AfDB) Annual Meetings 2023 taking place on May 22-26 in Sharm El-Sheikh.

The AfDB and International Sustainability Standards Board (ISSB)’s will hold a high-level dialogue on the urgent investor need for enhanced sustainability-related financial disclosure in Africa. Such disclosure is set to drive better investment decisions and contribute to the development of strong African capital markets.

Egyptian Financial Regulatory Authority (FRA) chairman Mohamed Farid will be among the key speakers of the “IFRS Sustainability Disclosure Standards: better information to enable capital markets to support sustainable economic development in the African continent” plenary session.

The new sustainability standards being developed by the ISSB will greatly contribute to supporting wider investor involvement from the growing Environment, Social and Governance (ESG) global investor base, which today represents around 25 percent of the estimated $80 trillion in global institutional investor funds under management. This has significant potential to help bridge the financing gap in support of the continent’s climate transition and the achievement of the SDGs for 2030.

The event aims to raise awareness among key stakeholders in African jurisdictions of the benefits stemming from jurisdictional adoption of the ISSB Standards, considering regional requirements and jurisdictional roadmaps toward adoption, and discussing the capacity building efforts needed to ensure effective implementation.

Other participants in the plenary session include Jingdong Hua, ISSB Vice-Chair, and Solomon Quaynor, Vice-President for Private Sector, Infrastructure and Industrialisation at the AfDB.

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