Egypt to Issue New Bonds for Climate, Social Goals

Published on:
by KnowESG
KnowESG_Egypt to Issue New Bonds for Climate, Social Goals
Image courtesy of Freepik

The Egyptian Government is planning to launch new bond issuances in the debt markets to support the National Climate Change Strategy 2050, according to a document issued by the Cabinet’s Information and Decision Support Center (IDSC).

The document, which Daily News Egypt obtained, said that the Ministry of Finance intends to issue blue and green bonds, which are linked to environmental and water projects, as well as social and sustainable bonds, which are related to women’s empowerment.

The document also said that the ministry aims to expand the categories of green projects with a social dimension in Egypt’s sustainable portfolio to align with the climate change strategy.

Mohamed Maait, the Minister of Finance, said that the ministry is preparing to issue Panda bonds worth EGP 500m before the end of this year, with a guarantee from the African Finance Corporation. Panda bonds are bonds issued by foreign entities in China’s domestic market.

Egypt issued its first Samurai bonds in March 2022, selling $500m worth (about JPY 60bn) of bonds denominated in Japanese yen, becoming the first Middle Eastern country to do so. Samurai bonds are bonds issued by foreign entities in Japan’s domestic market.

The document explained that the Egyptian government has diversified its sources of foreign debt due to external pressures and currency crises and has resorted to other forms of debt, such as Samurai bonds and sovereign bonds. Sovereign bonds are bonds issued by a national government in a foreign currency.

For more environmental news

Source: Zawya

Share:
esg
esg
esg
esg

Environment Headlines

UL Tackles Climate Change in New Alliance

UL Tackles Climate Change in New Alliance

Holcim, IUCN Join Forces for Nature-Positive Building

Holcim, IUCN Join Forces for Nature-Positive Building

Reuse to Slash Plastic Emissions by Up to 69%

PepsiCo Accused of Plastic Pollution in New York

TIACA Tracks Air Cargo Sustainability

NASA, Partners Study SAF's Impact on Contrails

Singapore Ready for SAF: More Support Needed

GSMA: Climate Change Strategy Profits Companies

Seniors Lead in Climate-Friendly Actions, Says Report

Banks Fueling Pangolin and Leopard Poaching