Skip to main content

Egypt approves green bonds to boost eco-friendly projects

Experts are doubting the effectiveness of green bonds in Egypt, as the economic situation is staggering and awareness about the importance of sustainable and eco-friendly projects is rare in the country.
An employee is seen on the production line of the solar energy department at the Arab International Optronics (AIO) factory on the outskirts of Cairo, November 17,  2011. Picture taken November 17,  2011.     REUTERS/Asmaa Waguih (EGYPT  - Tags: MILITARY ENERGY POLITICS)   - LR2E84410PK0W

Egypt’s financial regulator approved on July 18 a legal framework for issuing green bonds, with the aim of providing financial tools to fund eco-friendly projects in the fields of new and renewable energy, construction and transport.

“[We] will unveil regulations and measures necessary for the issuance of green bonds in accordance with the best international applications, as part of a partnership with the International Financial Corporation [IFC] and in tandem with the principles of issuing green bonds released by the International Capital Market Association,” said Mohammed Omran, head of the Egyptian Financial Supervisory Authority, according to local media.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.