logo
The Egyptian Biodynamic Association (EBDA) Hosts 'Carbon Certificates and the Economy of Love' Forum at Heliopolis University for Sustainable Development

The Egyptian Biodynamic Association (EBDA) Hosts 'Carbon Certificates and the Economy of Love' Forum at Heliopolis University for Sustainable Development

Tahya Masr30-04-2025
The Egyptian Biodynamic Association (EBDA), in collaboration with the Economy of Love initiative and Heliopolis University for Sustainable Development, successfully co-hosted the "Carbon Certificates and the Economy of Love for Cultural, Environmental, Economic, and Social Development in Egypt" forum at Heliopolis University.
The event brought together government leaders, policymakers, academics, and sustainability practitioners to spotlight a pioneering model for using Carbon Certificates and the Economy of Love as practical tools to drive sustainable development and improve community livelihoods.
Distinguished attendees included Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority; Major General Dr. Abdel Fattah Mohamed Serag, Governor of Sohag; Major General Hisham Abu El Nasr, Governor of Assiut; Major General Alaa Ibrahim Abdel Moaty, Governor of Kafr El Sheikh; and Mr. Hazem Mohamed Gouda El Deeb, Deputy Governor of Beheira.
The forum emphasized the benefits of transitioning to organic and biodynamic farming and making direct contributions to the voluntary carbon credit market. It served as a collaborative platform to discuss innovative approaches to enhancing lives from cultural, environmental, economic, and social perspectives.
A major highlight of the event was the celebration of the "Climate Heroes" farmers who have demonstrated outstanding commitment to carbon sequestration and sustainable biodynamic farming practices in line with the Economy of Love (EoL) standard. These farmers are central to initiatives like the "Greening the Desert" project, which seeks to transform arid lands into thriving ecosystems through sustainable agriculture.
Discussion sessions provided insights into the implementation of the Economy of Love standard and the application of Carbon Certificates to combat climate change while promoting fair trade, social equity, and biodynamic agriculture. Interactive sessions also introduced attendees to the processes of carbon certification, verification, and the broader economic and social benefits of carbon finance.
Helmy Abouleish, Chairman of the Board of Trustees of Heliopolis University and CEO of SEKEM Group, stated:
"At SEKEM, we believe in a holistic approach to sustainability, balancing economy, ecology, culture, and social wellbeing. This forum reflects our belief that carbon credits and the Economy of Love are not only environmental tools but also pathways to community empowerment and systemic change."
Justus Harm, Co-Executive Director of EBDA, added:
"Celebrating our farmers as Climate Heroes underscores the critical role of biodynamic farming in tackling climate change. Through the Economy of Love standard, we can recognize and reward farmers for their environmental stewardship while promoting resilience and local development."
By advancing awareness of carbon finance and values-driven economic principles, the Economy of Love and EBDA continue to drive a future that combines ecosystem restoration with responsible and sustainable economic development.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

FRA raises consumer cash finance limit to EGP 50,000 per client
FRA raises consumer cash finance limit to EGP 50,000 per client

Daily News Egypt

time2 days ago

  • Daily News Egypt

FRA raises consumer cash finance limit to EGP 50,000 per client

The Financial Regulatory Authority (FRA), chaired by Mohamed Farid, has issued Decree No. 138 of 2025 amending Decree No. 81 of 2023 to raise the cap on pre-disbursed consumer cash finance to EGP 50,000 per client—up from EGP 10,000. The move is part of the FRA's broader push to promote financial and consumer inclusion by offering a wider range of financing options tailored to client needs. Under the new amendment, once a customer receives a credit limit from a licensed consumer finance provider based on their creditworthiness, they may access pre-disbursed cash financing of up to EGP 50,000, regardless of their overall credit ceiling. However, clients will not be eligible for additional cash financing until they provide documentation proving that the previous loan was used for its intended purpose and fully repaid. This includes submitting invoices or similar proof of the original purchase, ensuring responsible borrowing and safeguarding the financial stability of the consumer finance sector. The decree also reinforces the FRA's digital transformation strategy. It requires finance companies to digitise their operations, including data storage, transaction categorisation, and sectoral classification of financed goods and services. Companies must implement robust systems for managing, monitoring, and reporting on pre-disbursed cash financing, supported by advanced information technology infrastructure. Additionally, the decree mandates the use of electronic payment methods for both disbursing funds and collecting instalments. This aligns with Law No. 18 of 2019, which governs non-cash payment methods in non-banking financial transactions and supports Egypt's national financial inclusion objectives. Specifically, cash disbursements are capped at EGP 2,000, and cash instalment payments must not exceed EGP 500. Any amounts above these thresholds must be processed through electronic payment channels. Finance companies are also required to provide secure, appropriate facilities for disbursing funds and conducting related financial transactions. Moreover, the decree requires consumer finance companies to obtain prior FRA approval before launching any new cash finance products. Companies must verify that clients use disbursed funds for their declared purpose and back this with relevant documentation, such as invoices. A three-month grace period from the decree's effective date has been granted for companies to comply and to submit proof of adherence to both the original and amended regulatory requirements. The FRA reaffirmed its commitment to continuously monitoring market conditions and adapting the regulatory environment to meet evolving needs and economic challenges—ensuring the protection of all stakeholders and fostering the growth of Egypt's non-banking financial sector.

FRA, Italian Embassy explore cooperation in Egypt's growing non-banking financial sector
FRA, Italian Embassy explore cooperation in Egypt's growing non-banking financial sector

Daily News Egypt

time23-06-2025

  • Daily News Egypt

FRA, Italian Embassy explore cooperation in Egypt's growing non-banking financial sector

Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), met with Italian Ambassador to Cairo, Michele Quaroni, and his accompanying delegation to discuss opportunities for cooperation in Egypt's rapidly expanding non-banking financial sector and to enhance Italian investments in this promising market. The meeting was also attended by FRA Vice Chairperson Islam Azzam, senior FRA officials, and members of the Italian Embassy's economic and investment team. During the meeting, Farid gave a detailed presentation on the latest regulatory and structural developments in Egypt's non-banking financial markets, particularly highlighting the introduction of the Unified Insurance Law. He described the law as a key milestone in modernising Egypt's legislative and regulatory framework for insurance, aimed at streamlining procedures, expanding digitalisation, and strengthening investor protections. Farid emphasised that the new law is central to improving the quality of insurance services, ensuring policyholder rights, and making the Egyptian market more attractive to foreign investors. He underlined the law's role in supporting Egypt's shift towards a more sustainable and competitive economy. The FRA Chairperson also outlined the Authority's recent initiative to launch a regulated voluntary carbon market, the first of its kind in the region under capital market supervision. This initiative is part of Egypt's broader green transition strategy and presents significant opportunities for Italian companies in clean technology and renewable energy—not just as investors, but as strategic partners in establishing new climate finance mechanisms. Farid stressed that this carbon market is designed to contribute to Egypt's national efforts to transition to a low-carbon, climate-resilient economy, aligned with global carbon neutrality goals. On the topic of financial technology and digital transformation, Farid noted that the FRA is working to build a regulatory environment that supports innovation. He highlighted several initiatives aimed at enhancing the digital infrastructure of the non-banking financial sector to promote financial inclusion and unlock new investment avenues, especially for Italian companies engaged in fintech. He added that the digitisation of non-banking financial services—particularly in insurance, capital markets, and microfinance—is essential to expanding access for all societal segments and aligns with Egypt's broader goals of financial and digital inclusion. 'We are racing against time to digitise non-banking services in support of start-ups and entrepreneurship,' Farid said, emphasising that fintech is a core driver of inclusivity and sectoral efficiency. Ambassador Quaroni expressed appreciation for the FRA's reform momentum and the rapid transformation of Egypt's non-banking financial market. He reiterated Italy's keen interest—at both the governmental and private sector levels—in exploring investment and partnership opportunities, particularly in the carbon market and the digital finance space. The Ambassador affirmed his commitment to facilitating closer cooperation through a series of technical meetings between relevant stakeholders from both countries to move forward on joint initiatives. Concluding the meeting, Farid reaffirmed the Authority's full commitment to maintaining close coordination with the Italian side. He noted that the FRA is ready to provide detailed briefings on key areas of mutual interest in order to translate these discussions into concrete investment partnerships that contribute to economic development in both countries.

Egypt's FRA issues new website and cybersecurity rules for insurance sector
Egypt's FRA issues new website and cybersecurity rules for insurance sector

Daily News Egypt

time18-06-2025

  • Daily News Egypt

Egypt's FRA issues new website and cybersecurity rules for insurance sector

Egypt's Financial Regulatory Authority (FRA) has issued new regulations establishing licensing, technical, and cybersecurity standards for the websites of all companies and individuals operating in the country's insurance sector. The new rules, outlined in Resolution No. (62) of 2025, mandate that private insurance funds with assets of EGP 10 million or more must establish an official website. The FRA will be the sole authority to issue licences for these websites, in accordance with the Unified Insurance Law No. 155 of 2024. Smaller funds and individuals working in the insurance sector will be permitted to create websites, provided they adhere to the same set of regulations. The measures are part of a broader framework outlined in the Unified Insurance Law. Article (3) of the law defines the insurance sector as comprising insurers, reinsurers, and related professions and activities. It also authorises the FRA's Board of Directors to licence other insurance services based on market demand, subject to established standards and capital requirements. Technical and Content Mandates Under the resolution, chaired by FRA Chairperson Mohamed Farid, all insurance sector websites must meet specific technical standards. These include having a responsive design for accessibility across mobile phones, tablets, and computers, as well as compatibility with all major internet browsers. Websites must also be user-friendly, provide easy access to information, and comply with the Web Content Accessibility Guidelines (WCAG) for users with disabilities. Arabic must be the primary language, with other languages optional. Search Engine Optimisation (SEO) best practices must be implemented. Entities are required to publish essential information, including a company profile, their FRA-issued licence number, detailed descriptions of services, and clear contact information. The sites must also feature financial reports, periodic disclosures, and a dedicated Frequently Asked Questions (FAQ) section. The resolution requires all website content to be updated regularly to ensure accuracy, completeness, and compliance with technical controls. Cybersecurity and Data Protection The regulations place a strong emphasis on information security, mandating a range of technical safeguards to protect user data. These include: The use of modern encryption protocols (SSL/TLS). The implementation of advanced security systems such as network firewalls, Web Application Firewalls (WAF), and Intrusion Detection/Prevention Systems (IDS/IPS). The use of anti-virus and anti-malware software (EPP/EDR). Entities must adhere to international standards, particularly ISO 27001 and NIST, and conduct annual penetration tests and regular software updates. Any security breach or cyberattack must be reported to the FRA immediately. Furthermore, all affected entities must comply with the Anti-Cyber and Information Technology Crimes Law No. 175 of 2018 and the Personal Data Protection Law No. 151 of 2020. This includes creating clear privacy policies, obtaining written consent from users before sharing their data with third parties, and providing a mechanism for users to request the modification or deletion of their data. The rules also require regular data backups for disaster recovery and the retention of system application logs for a minimum of five years. Outsourcing and Compliance The resolution permits the outsourcing of website design and development to data hosting providers that are officially registered with the FRA. However, the licensed entity must retain qualified technical staff to evaluate the quality and security of the outsourced work. An outsourcing plan approved by the board of directors is also required. The FRA said the measures are designed to regulate the creation of websites for private insurance funds and other entities in the sector. The authority stated the initiative is part of its strategy to modernise the industry's digital infrastructure, enhance digital transformation, and ensure compliance with governance, transparency, and data protection standards. All affected entities have a three-month grace period from the resolution's effective date to regularise their status. The FRA has committed to processing complete licence applications within 15 days of submission.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store