CAIRO - 22 February 2020:Egypt’s Ministry of Finance startedits procedures to issue intergovernmental green bonds, to be the first countryin the Middle East and North Africa issues such “climatebonds.” Four international investment banks of DeutscheBank, Citi bank, HSBC, Credit Agricole were selected to promote the issuance,while HSBC, Credit Agricole were chosen to act as structural advisors for theissuance process, said Finance Minister Mohamed Ma’itin a statement on Friday.
The green bonds aim toenhance the state’s visiontowards strengthening investments in climate and environmental projects, headded. “The issuance of green intergovernmental bondsplaces Egypt on the map of sustainable financing,” saidEgyptian Vice Minister of Finance for Fiscal Policies and InstitutionalReforms.
Egyptian FinancialRegulatory Authority (FRA) Chairman Mohmed Omran stated in November 2019 thatthe authority seeks to issue green bonds during 2020, announcing the issuanceof the first short-term securitization for the payment of Premium Card that theauthority gets 1 of 1,000 of the public issuance and 0.5 of 1,000 of theprivate issuance, and these amounts are cut in half in such a step. In case youmissed it Opinion: Green Bonds and the Future of Finance in Egyptby MedhatNafei Green transition has become a major concern to many countries. The futureof finance will witness a dramatic shift toward more environmentally friendly,socially responsible and governed projects thanks to the SustainableDevelopment Goals (SDGs) announced through the United Nation's general assemblymeeting in 2015 and widely recognized by many countries since then. Additionalreporting by Hanan Mohamed Egypt Green bonds Intergovernmental ClimateBonds.
