UNCTAD urges stronger action to help least developed nations tap into carbon markets
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Egypt’s private sector gearing up to issue $ 120-200 m green bonds
The Egyptian private sector is gearing up to issue green bonds – worth between $120 and $200 million – under the green transformation program, Minister of Planning Hala Saeed said.
In a statement, Saeed said Egypt has issued $750 million in green bonds to mobilize resources for green projects, mainly in the clean transportation domain.
In 2020, the Egyptian Finance Ministry announced the issuance of the first green bonds – worth over $ 750 million – in the Middle East and North Africa.
The five-year bonds lured purchase orders at about $ 3.7 billion, thus surpassing the purchase target by seven times.
The minister underlined the importance of the private sector’s contribution to entrenching green principles in all economic activities.
The best way of participation would be realized through partnerships between the public and private sectors via the Sovereign Fund of Egypt, she highlighted.
Environment Sustainability standards:
Egypt has launched environment sustainability standards guidelines with an aim to green about 30 percent of the investment plan projects of the current fiscal year, the minister said.
Egypt seeks to up the percentage of green projects to 40 percent in the coming fiscal year and to 50 percent by 2024-2025 fiscal year with special focus on investment in clean transportation, new energy, water efficiency and sanitation projects, she added.
Saeed underlined that financing remains a key factor in deciding green transition policies, highlighting the importance of assessing needs and securing soft financing for climate change projects.
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