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The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
Egypt takes measures to issue 1st int’l green bonds in MENA
Egypt is gearing up for issuing the first international green bonds in the Middle East and North Africa region (MENA) as the Finance Ministry started taking preliminary measures in this respect.
In a statement on Friday, the Egyptian Ministry of Finance said the step is meant to diversify its financing resources and encouraging more businessmen to invest in Egypt.
The move will promote Egypt’s pioneering role in adopting policies that aim to incentivize investment in clean energy domain in addition to securing sustainable financing for eco-friendly projects.
International banks to promote Egypt’s green bonds
Finance Minister Mohamed Maait said four international banks; namely Deutsche Bank, Citi bank, HSB and Credit Agricole, were selected out of 17 international banks that filed in an international bid to be in charge of managing and promoting the bonds issuance.
HSB and Credit Agricole will be structural advisors for the bonds issuance process.
The banks were selected in accordance with international standards, Maait said, noting that the ministry received a large number of offers from major international banks, a matter which reflects international interest in being part of such remarkable step.
The measure was meant to promote the state’s march towards protecting the environment, rationalizing consumption of depleting resources, expanding the use of clean energy in addition to establishing green and eco-friendly cities.
Maait noted that a ministerial committee was formed under the Ministry of Finance to set all needed regulations for the issuance of Egypt’s first green bonds.
This will improve Egypt’s environmental rating and increase investors’ confidence in the Egyptian national economy as the whole world is moving towards green economy.
Sustainable finance map
Ahmed Kouchouk, Egypt’s Vice Finance Minister for Fiscal Police and Institutional Reform, said Egypt’s issuance of international green bonds will place the Arab state on the map of sustainable finance in line with Egypt Vision 2030 and the Sustainable Development Goals (SDGs).
He referred to the growing international interest in issuing green bonds.
He said many countries issue green bonds in order to join the international march of establishing eco-friendly projects.
It is worth mentioning that green bonds are used to raise funds for eco-friendly projects.
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