Financing the environmental projects- CC via piqsels
CAIRO - 22 February 2020: Egypt’s Ministry of Finance started its procedures to issue intergovernmental green bonds, to be the first country in the Middle East and North Africa issues such “climate bonds.”
Four international investment banks of Deutsche Bank, Citi bank, HSBC, Credit Agricole were selected to promote the issuance, while HSBC, Credit Agricole were chosen to act as structural advisors for the issuance process, said Finance Minister Mohamed Ma’it in a statement on Friday.
The green bonds aim to enhance the state’s vision towards strengthening investments in climate and environmental projects, he added.
“The issuance of green intergovernmental bonds places Egypt on the map of sustainable financing,” said Egyptian Vice Minister of Finance for Fiscal Policies and Institutional Reforms.
Egyptian Financial Regulatory Authority (FRA) Chairman Mohmed Omran stated in November 2019 that the authority seeks to issue green bonds during 2020, announcing the issuance of the first short-term securitization for the payment of Premium Card that the authority gets 1 of 1,000 of the public issuance and 0.5 of 1,000 of the private issuance, and these amounts are cut in half in such a step.
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Additional reporting by Hanan Mohamed
by Medhat Nafei Green transition has become a major concern to many countries. The future of finance will witness a dramatic shift toward more environmentally friendly, socially responsible and governed projects thanks to the Sustainable Development Goals (SDGs) announced through the United Nation's general assembly meeting in 2015 and widely recognized by many countries since then.