|21 February, 2020

Egypt hires four international banks for first green bonds

Egypt will be the first country in the Middle East and North African to issue sovereign green bonds

Image used for illustrative purpose. People buy Suez Canal investment certificates at a bank in Cairo September 4, 2014.

Image used for illustrative purpose. People buy Suez Canal investment certificates at a bank in Cairo September 4, 2014.

REUTERS/Asmaa Waguih

Cairo –  The Egyptian finance ministry has commenced the required procedures for Egypt’s first green bond issue on global markets, according to a statement.

Egypt will be the first country in the Middle East and North African to issue sovereign green bonds.

The North African country seeks to diversify financial resources and attract more investors to the Egyptian market, along with the reduction of the cost of finance of government securities.

A group of four banks were hired to act as book-runners for the issue, including Deutsche Bank, Citi Bank, HSBC, and Credit Agricole, Egypt's Finance Minister Mohamed Maait revealed.

The minister added that HSBC and Credit Agricole were also hired to act as advisors for the issue.

Source: Mubasher

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