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Egypt’s financing from development partners records $1.9 billion

4 years ago
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Egypt’s private sector, in addition to multilateral and bilateral development partners, have offered development financings to the private sector worth $1.9 billion during the first half (H1) of 2021, according to a statement by the cabinet on June 30th.

A total of $300 million were allocated for the sectors of environment and energy.

Egypt’s Minister of International Cooperation Rania El-Mashat said that the International Finance Corporation (IFC) is Egypt’s partner in funding and developing the private sector, offering $1.27 billion for developing various sectors, such as infrastructure, education, health, and renewable energy.

At the signing ceremony of the issuance of the $100 million first green bonds in the MENA region to finance the private sector, El-Mashat noted that this issuance is the first of its kind private-led investment that contributes to boosting climate finance, pushing towards green transition.

Must Read: Aker Solutions eyes $807 million Chevron contract

She emphasised the importance of this issuance, marking the first private sector-led green bond issuance, which comes amidst the rapidly growing global ecosystem, estimated at more than $1 trillion.

El-Mashat further noted that the investment market plans to achieve sustainable development to provide the necessary capital in order to achieve the UN’s 2030 sustainable development goals (SDGs).

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According to the latest data, sustainable bonds which include social and green bonds, have increased by more than 80% compared to 2019.

Source: arabfinance
Via: norvanreports
Tags: $1.9 billionEgypt’s private sectorEgypt's Minister of International Cooperation Rania El-Mashatfinancing from development partners
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