Egypt embarks on string of projects to be financed via green bonds
Egypt’s Ministry of Finance has listing Egyptian's first green bonds, intended to diversify government debt instruments and attract new investors.
CAIRO — Egypt’s Finance Ministry listed the first green sovereign bonds issued by Egypt on the London Stock Exchange, worth $750 million, on Oct. 15.
The Sept. 30 issuance of green sovereign bonds was a first in the Middle East and North Africa. Egypt’s Finance Minister Mohamed Maait said the issuance of the five-year bonds had attracted investments from Europe (47%), the United States (41%), East Asia (6%) and the Middle East (6%).
“We are pleased to join the group of sovereign green bond issuers that play a leading role in green development,” Maait said.
He added that the proceeds of green bonds will be used for clean transportation, renewable energy, pollution reduction, energy efficiency and sustainable management of water and sanitation.
