Egypt eyes issuing sustainability bonds for first time to finance Decent Life’s development projects

Doaa A.Moneim , Thursday 20 Jan 2022

Egypt is considering issuing sustainability bonds in 2022 to finance the presidential Decent Life (Hayah Karima) initiative in order to reach the country’s sustainable development goals (SDGs), Minister of International Cooperation Rania Al-Mashat told UN officials.

Descent Life

The comments were made during a meeting Thursday between Al-Mashat, the UN Resident Coordinator in Egypt Elena Panova and UN-appointed expert and adviser Antonio Vigilante to chart a vision for cooperation between the UN and Egypt over securing funding for Decent Life’s inclusive development projects.

“Decent Life is a unique model that should be built on regionally and globally as a pioneer in development experience,” Al-Mashat told the UN representatives.

Al-Mashat noted that the meeting came within the country’s Partnership Development Framework with the UN (UNPDF) through the Sustainable Development Cooperation Framework (UNSDCF), which aims to boost sustainable development in Egypt.

During the meeting, Vigilante described the missions he would assume, which include paying field visits to villages targetted under the Decent Life initiative as well as holding talks with the concerned officials and mapping the initiative’s current efforts in Egypt.

For her part, Panova said that the UN carries out over 400 activities that affect 1.4 million beneficiaries in the participating villages, adding that Decent Life is a significant opportunity to reach the 2030 SDGs.

The UNPDF, launched in 2006 with the Ministry of International Cooperation as co-chair, represents the UN’s cooperation framework with the Government of Egypt.

Last May, Al-Mashat and Panova launched a roadmap for the new UNPDF (2023-2027), which aims to support the government’s efforts in implementing economic, social and environmental development, supporting sustainable development.

The ministry’s 2021 annual report detailed that total development financing in 2021 amounts to $10.2 billion, including $8.7 billion directed to public sector development and $1.57 billion directed to private sector development.

According to the UN partnership online platform for the SDGs, the initiative has contributed to mitigating the negative impacts of COVID-19 through improving living conditions of the most in-need groups.

It also noted that it has provided job opportunities through support to small and medium-sized enterprises (SMEs).

“The goals of this initiative are to be achieved through providing decent housing, water and sanitation for deprived families and medical and educational services as well as establishing micro-projects for those most in-need and providing in-kind support periodically to most in need families.

Egypt has allocated EGP 150 billion (about $9.5 billion) in the current FY2021/2022 budget to finance Decent Life projects.

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