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Egypt to issue new bonds to meet 2050 sustainable goals

By Pramod Kumar
REUTERS/Mohamed Abd El Ghany
A farmer picks mangoes after the yield dropped because of high temperature in Ismailia, Egypt, on August 18, 2023

Egypt is planning to launch new bond issuances on the debt markets to support its 2050 national climate change strategy, a local news daily reported.

The finance ministry intends to issue “blue and green bonds”, which are linked to environmental and water projects, as well as social and sustainable bonds related to women’s empowerment, Daily News Egypt reported citing a document from the government’s information and decision support centre.

The value and time of the bond issues were not given.

In addition, the ministry aims to expand the categories of green projects with a social dimension in Egypt’s sustainable portfolio.

Earlier, finance minister Mohamed Maait said that the government is readying to issue Panda bonds worth EGP500 million before the end of the year, with a guarantee from the African Finance Corporation. 

Panda bonds are bonds issued by foreign entities in China’s domestic market.

Egypt in March 2022 became the first Middle Eastern country to issue a $500 million Samurai bond. Foreign entities issue these bonds in Japan’s domestic market.

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