Michael Makkar, Head of Strategy, Sustainability and Sustainable Finance at the National Bank of Egypt (NBE), highlighted the importance of spreading awareness among manufacturers about the conditions of the European Union’s Carbon Border Adjustment Mechanism (CBAM) in order to increase the Egyptian exports to Europe.

He noted that about 40% of Egyptian exports go to the European Union countries and the state aims to further increase this percentage.

The NBE official said large firms such as steel and iron are prepared to implement (CBAM) requirements, while small and medium-sized enterprises like ceramics and carton producers may not be ready to comply with CBAM standards.

He made the remarks during the 7th Forum on Strategies for Transition to Green Economy – dubbed the 7th Green Economy Forum – which kicked off on Tuesday under the theme of “The Transition C-Panel”.

Makkar added that the bank gives a top priority to supporting the stability of macro-economy.