EGX Chairman Participates in a Green Economy Panel Discussion at AfDB Annual Meetings

Tuesday, 6 June 2023


Rami El-Dokany, Executive Chairman of The Egyptian Exchange (EGX), participated in a panel discussion organized by African Development Bank (AfDB) and ABSA Bank, titled “Collaboration between Private and Public Sector is essential for financing the green transition in Africa“. This panel is a side event of the annual meetings of the AfDB held in Sharm El-Sheikh.

The panelists discussed the challenges facing Africa to achieve a smooth transition from dependence on traditional energy sources to clean energy, and how to activate and finance partnership frameworks between the private and public sectors to stimulate this transformation. 

El-Dokany said that African countries must adopt a methodology of creative thinking and look for unconventional solutions to finance the green transition and promote sustainable development, taking into account that reducing carbon footprint of the continent requires huge investments from public and private sector. He added, “Cooperation between stock exchanges and African regulatory bodies represents the cornerstone for improving market performance and expanding the scope of voluntary carbon market, as the government sector has the ability to influence the regulatory frameworks while the private sector possesses the entrepreneurial spirit and the desire for change.”  

El-Dokany stressed the importance of African countries’ cooperation in enabling green economy bodies – including renewable energy projects, energy-saving buildings and sustainable agricultural practices – to access the necessary funds. He also indicated the importance of the private sector’s role in issuing green bonds for climate finance. 

EGX Chairman explained that, in his capacity as Chairman of Sustainability Working Group of African Securities Exchanges Association (ASEA), the Association is working to launch an African Sustainability Index (ESG) that collects all necessary data from listed companies and makes them available to investors and all market parties. He added, “The availability of accurate and reliable data is considered vital for the growth of African capital markets.”

The discussion also touched on aspects of financial inclusion, and the positive role governments can play in creating an environment conducive to investment by advocating governance and sustainability policies and enabling green economy institutions to access necessary funds.