Green bonds and future financing in Egypt

Green bonds and future financing in Egypt

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