Egypt’s first sovereign green bond has attracted orders of US$750 million.
The first of its kind in the Middle East and North Africa region, the five-year bond forms part of the nation’s strategy to broaden its investor base while honouring its commitment to the UN’s Sustainable Development Goals. Proceeds from the debt sale will be used to finance or refinance green projects in sectors such as transportation, renewable energy and energy efficiency, as reported by Reuters. The deal offers investors a 5.25% yield.
Mohamed Maait, Minister of Finance, told Daily News Egypt that the country currently holds a portfolio of green projects valued at US$1.9 billion. Of that, renewables make up 16%; clean transportation 19%; sustainable water and sanitation management 26%; and pollution reduction and control 39%.
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