Egypt is set to issue sovereign green bonds, which will be
the first of their kind in the Middle East and North Africa (MENA), Minister of
Finance Mohamed Maait announced on Sunday.
An informed source at the finance ministry told Ahram Online that the issuance is expected to be carried out before the end of 2020.
“The sovereign green bond programme will help us raise capital from investors who care for both environmental and financial returns. The issuance of international government green bonds in the global markets will enhance the environmental rating of Egypt in addition to increasing the confidence of foreign investors in the Egyptian economy and supporting its current and future growth levels,” Maait stated.
In a statement, the minister said that to ensure the most efficient coordination and management, Egypt’s climate policies are managed by the National Council on Climate Change (NCCC), which is chaired by Egypt’s prime minister, adding that the council provides strategic direction and ensures smooth coordination across all entities.
“Accordingly, Egypt’s government is pursuing an ambitious plan to upgrade its infrastructure across all sectors and regions in the country for greater energy efficiency and resource conservation,” said Maait.
He noted that Egypt has adopted a green bond framework for the issuance of sovereign green instruments, signaling its commitment to its environmental and sustainable development objectives.
Wes added that given that the global leader in sustainable finance, the World Bank was delighted to share its knowledge and experience with the government and looks forward to providing technical assistance for post-issuance allocation and impact reporting supported by the Government Debt and Risk Management Program funded by Switzerland through its State Secretariat for Economic Affairs – SECO.
Egypt obtained a robust second opinion for the quality of Eligible green projects and its framework, said the World Bank.
Source: Ahram Online
