Egyptian Cabinet endorses inclusion of sustainability bonds in green financing framework

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Egypt

Egyptian Cabinet endorses inclusion of sustainability bonds in green financing framework

The Egyptian Cabinet has approved a request by the Ministry of Finance to extend its green financing framework to include sustainability bonds, according to an official statement on May 11th.

This step will enable the government to commence the necessary executive regulations to issue sustainability bonds, the cabinet said during its weekly meeting held yesterday.

The decision comes in line with the finance ministry’s efforts to diversify debt instruments and cut debt servicing costs amid the current economic global situation and the impacts of the Russian-Ukrainian war.

It is worth noting that the Cabinet also approved the draft law on amendments to some provisions of Act No. 141 of 2014 regulating the financing of micro-, small- and medium-sized enterprises (MSME) and the Consumer Finance Regulation Act issued under Act No. 18 of 2020.

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