Green bonds and future financing in Egypt

SourceZawya
SectorFinancial Markets
CountryEgypt

Both public and private institutions in Egypt are gearing up to follow suit and issue such type of fixed-income instrument, mainly to provide financial tools to fund climate and environmental developments.A government plan in progressLocally, green bonds were first given the green light in mid-2018, when Egypt’s Financial Regulatory Authority (FRA) approved the legal framework for issuing such bonds, aiming to raise money for eco-friendly projects such as these of new and renewable energy, construction, and transport.The guidelines were set with the support of the International Finance Corporation (IFC), WB’s private-sector arm, and are based on the International Capital Market Association’s Green Bond Principles.Two years later in last January, local press reported that the Finance Ministry has set up a green bonds committee for issuance. Minister Mohamed Maait explained that ...read more...