The French “Afrik 21” website concerned with the affairs of the African continent said that Egypt seeks to increase its efforts to diversify financing sources and tools that would reduce the cost of development investments, by issuing green bonds, especially in light of the current global economic crisis.
The government issues green bonds worth $500 million
The site said: The Egyptian government plans to issue green bonds worth $500 million to finance several green infrastructure projects in fiscal year 2023. This initiative will enable Egypt to accelerate the implementation of the United Nations Sustainable Development Goals (SDGs) by 2030.
Egypt recently announced that it will issue green bonds worth $500 million to commercial, corporate and investment banks globally by 2023. The bond proceeds will be used specifically to finance green projects including water, renewable energy and electric mobility.
“Green bonds will help support the economy, create job opportunities and fight global warming,” said Mohamed Maait, Minister of Finance, during his participation in the Egyptian Forum for International Cooperation and Development Financing, which was recently held in the new administrative capital, Al-Massa.
In 2020, Egypt launched green bonds with the aim of mobilizing the largest amount of funds to finance renewable energy, green mobility, sustainable water and sanitation management, and pollution reduction and control, to a value of $1.9 billion (EGP 46.8 billion).
