Egypt becomes first Arab country to issue Green bonds with $750 million deal

Egypt becomes first Arab country to issue Green bonds with $750 million deal

Egypt sold $750 million in five-year Green bonds on Tuesday, a document showed, in the first sale of such bonds by a government in the Middle East and North Africa region.

The deal offered investors a 5.25% yield, around 50 basis points less than where it was marketed earlier on Tuesday.

"They are planting the flag of their commitment to sustainability,“ said a person familiar with the transaction.

He said the aim was to diversify Egypt's investor base and make people aware of the country's progress on sustainability.

"The investor presentation was attended by many who are speaking to Egypt for the first time, we were fielding calls for sustainability analysts and global investors,“ he added.

Proceeds from the debt sale will be used to finance or refinance