Egypt plans to up general budget green investments to 50% by 2024

13 / 10 / 2021

By Marwa Nassar - -

Egypt is planning to up the percentage of green projects to 50 percent of state budget projects by 2024, Planning Minister Hala el Saeed said.

Egypt is currently allocating 30 percent of the state budget investments to green investments in the fields of transports, water, sewage, irrigation and electricity.

Saeed made the remarks during a plenary meeting on Wednesday with Environment Minister Yasmine Fouad and Finance Minister Mohamed Maait.

The meeting focused on tools for promoting transition to green economy and a mechanism of green recovery in line with the directives of President Abdel Fattah El Sisi.

She said the state strategy for green recovery includes more incentives to ensure localizing sustainable development goals, highlighting the importance of luring private sector investments in this domain.

She noted that this also falls within the framework of the Presidential Initiative “Decent Life” which is one of the largest development overtures in the world.

For her part, Environment Minister Fouad stressed that Egypt took serious steps in implementing a number of green, including the issuance of green bonds and the environment sustainability standards guide.

She said the state is moving ahead towards eco-friendly projects that would consequently contribute to achieve the sustainable development.
She referred to upgrading Egypt 2030 Vision within the framework of green recovery.

She noted that efforts are underway to set standards for categorizing green incentives, especially with regard to curbing environment pollution, mitigating climate change impact and promoting energy efficiency.

For his part, Maait said Egypt will host next year the climate summit and will prove to the entire world that it is taking serious steps towards green recovery.

He noted that Egypt was the first country in the Middle East and Africa to issue green bonds.

He added that the green financing is a major part of the global system, noting that there is consistency among state institutions to lure financing for mega development projects which are eco-friendly.