Skip to content Skip to Search
Skip navigation

Egypt to become Africa’s hub for carbon certificates trading

By Pramod Kumar
Creative Commons
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.

Latest articles

Sainsbury's has the second-largest share of the UK grocery market, at 15 percent, behind Tesco at 28 percent

Qatar to reduce stake in UK supermarket Sainsbury’s

Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […]

Shoppers in Kuwait's Avenues Mall – the IMF says the country needs to encourage private sector employment

Kuwait needs to push reforms for economic growth, says IMF

Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […]

Thani Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, (UAE) speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 15, 2021. REUTERS/Brendan McDermid Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, said 'Malaysia offers substantial opportunity for our exporters, industrialists and business leaders' UAE Malaysia Cepa

UAE and Malaysia sign Cepa to increase bilateral trade

The UAE and Malaysia have signed a free trade deal, bringing the number of deals the Gulf state has agreed with foreign governments to 12. The comprehensive economic partnership agreement (Cepa) will seek to eliminate or reduce tariffs, lower trade barriers, increase private sector collaboration and create new investment opportunities, the two countries said in a […]

Modern buildings in the city center of Riyadh, Saudi Arabia

Riyadh leads Saudi Arabia’s hot property market

Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […]