Egypt plans to issue green bonds before June-end: Finance Ministry

Approval obtained to offer $5bln international bonds in the fiscal year (FY) 2019/20, in addition to $500mln green bonds: minister

  
Photo used for an illustrative purpose. An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo December 31, 2013.

Photo used for an illustrative purpose. An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo December 31, 2013.

REUTERS/Stringer

Egypt’s Ministry of Finance plans to offer green bonds before the end of June 2020, Deputy Minister for Fiscal Policies and InstitutionalReform Ahmed Kouchouk said on Monday.

The Ministry exerted great efforts in this file and formed ministerial committees, including ministries of environment, electricity and renewable energy, in addition to the Ministry of Finance to study potential projects in the environment sector that will be funded through the green bonds, Kouchouk added.

“We have already obtained the cabinet’s approval to offer $5bn international bonds in the fiscal year (FY) 2019/20, in addition to $500m green bonds,” Kouchouk said.

Green bonds are bonds specifically earmarked to be used for climate and environmental projects. These bonds are typically asset-linked and backed by the issuer’s balance sheet, and are also referred to as climate bonds.

Additionally, Kouchouk said that fuel subsidies will reach EGP 30bn by the end of FY2019/20 in comparison with EGP 52bn targeted before the beginning of the current fiscal year.

© 2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From North Africa