Egypt’s ministries of environment and planning and economic development have agreed on implementing 30 percent of investment projects enrolled in Egypt’s plans for environmental development and green economy, the Ministry of Planning announced in a statement Sunday.
The two ministries have also agreed on increasing this percentage to 100 percent over the coming three years, by which contributing to achieving the national agenda for sustainable development in light of Egypt’s Vision 2030.
Minister of Environment Yasmin Fouad stated that merging the environmental dimension with development projects reduces environment deterioration that costs the state dearly in negative impacts.
Minister of Planning and Economic Development Hala El-Said revealed that EGP 36.7 billion has been allocated in the FY2020/2021 budget to implement 691 green projects, accounting for 14 percent of the total public investment allocation.
El-Said added that the total cost of these projects amounts to EGP 447.3 billion, saying that the proceeds of green bonds are likely to be used in financing current or future green projects in the year after the bond issuance date.
The two ministries said that a guidebook is currently under preparation, which is expected to include environmental measures in all state sectors, in addition to specialised guidance for each sector, according to the statement.
Green economy can be an effective instrument in transitioning Egypt onto a sustainable development path that can address the main challenges facing the country, a UN Environment Programme report issued before the Covid-19 crisis said, asserting the viability of green investments and business.
In June, Minister El-Said said that 30 percent of green investment allocations in the FY2020/2021 budget will be invested in the housing sector, mainly in the new cities under construction in Upper Egypt, with a focus on waste management and the efficiency of cleaning systems across the country.