Egypt’s Ministry of Finance to issue green bonds before 2021

The bonds offering aims to finance several eco-friendly projects

  
An employee counts money at an exchange office in downtown Cairo June 5.

An employee counts money at an exchange office in downtown Cairo June 5.

REUTERS/Amr Abdallah Dalsh

ArabFinance: Egypt’s Ministry of Finance plans to issue green bonds before the end of this year, Economy Plus cited the government’s official Mohamed Maait on September 23rd.

The bonds offering aims to finance several eco-friendly projects such as electricity production from solar and wind energy, besides other developments like the electric rail and monorail, Maait, the minister of finance, said on the sidelines of a ceremony held to honor companies enrolled in the presidential initiative Mayghlash Alik, which provides commodities at affordable prices.

Maait noted that the ministry is currently in negotiations with the investment banks that lead the bonds issue to agree on the proposed value.

He said the size of the issue “will not be large,” according to the news portal, yet Maait noted it might reach approximately $500 million (EGP 7.87 billion), more or less.

The finance ministry has reportedly intended to offer the bonds before the end of June.

The Commercial International Bank - Egypt (CIB) (COMI) is claimed being in the process of issuing Egypt’s first green bonds offering in October through a private placement, according to Head of Debt Capital Markets at CIB Heba Abdellatif.

Egypt’s green bonds were first given the go-ahead in mid-2018.

*At press time, the conversion rate is $1 = EGP 15.76

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