24 October 2020 01:57 PM

Environment min.: Five projects to be financed by dlrs 500 mn from first issuance of green bonds

Sunday، 18 October 2020 - 12:34 PM

Minister of Environment Yasmine Fouad said Sunday that an agreement has been reached on shortlisted projects, that will be financed through the first issue of Egypt's green bonds, including five projects that will be financed with a sum of dlrs 500 million.

The decision was taken after a series of discussions among members of the ministerial committee chaired by the Finance Ministry to assess a number of eco-friendly projects in order to issue green bonds for their finance. The committee has also chosen the international consultants to oversee the bonds sale.

In statements on Sunday 18/10/2020, Fouad said that a coordination between the ministries of finance and environment was initiated after the cabinet approved the first issuance of the annual green bonds.

She also said as many as 41 green projects will be soon implemented in the fields of sustainable transport, sustainable management of water, wastewater management and others.

Additional projects will also be added with a value of dlrs 250 million to raise the total value of the first issue of the Egypt's green bonds to dlrs 750 million, the minister explained.

Fouad noted that during the COVID-19 outbreak, the government focused on the standards of sustainability in the green recovery plan, clarifying that the Ministry of Finance launched the green bonds to encourage the private sector to invest in green projects, besides funding the green businesses by the state.

MENA

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