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Egypt to become Africa’s hub for carbon certificates trading

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The new company will enhance Egypt's competitiveness as a major financial centre for trading of carbon certificates

Egyptian Exchange Holding Company for Capital Markets Development, Agricultural Bank of Egypt and Libra Capital Group have signed an agreement to establish a carbon certificates trading company, according to Egypt Today newspaper.

The report said no financial and organisational details of the new company were given.

Egyptian Stock Exchange executive chairman Ramy El-Dakani said the agreement seeks to promote green investment and diversify investment options for investors.

This will enhance Egypt’s competitiveness as a major financial centre for African markets for the trading of carbon certificates, he added.

Mahmoud Mohieldin, climate leader for the Egyptian presidency of the Cop27 summit, said that several institutions support the African carbon market initiative to set standards, rules and regulatory systems and adapt international practices in carbon markets to African needs.

He pointed out that Europe is the best in standards and activity in carbon markets, while China has benefited from it and adapted it to its needs.

Mohieldin said that the current volume of transactions in carbon-related credit is increasing 20 times, pointing out the need for a minimum carbon price in Africa.