Issuing $500 mln Panda bonds supports Egypt's green economy transition: Maait

Ahram Online , Thursday 12 Oct 2023

Minister of Finance Mohamed Maait said that issuing $500 million Chinese Panda bonds aims to support Egypt's green economy transition through expanding projects of green transportation, renewable energy, sustainable management of water, and sanitation.

File Photo: Egyptian Finance Minister Mohamed Maait. Al-Ahram
File Photo: Egyptian Finance Minister Mohamed Maait. Al-Ahram


Maait's remarks came during a meeting held on the sidelines of the International Monetary Fund (IMF) and World Bank (WB) meetings in Marrakesh with several Finance Ministers for Climate Action. 

He added that the total value of Egypt's green investments doubled during FY2020/21, reaching 30 percent of the country's total investments compared to 15 percent in FY2019/20.

Egypt aims for green investments to reach 50 percent of total investments by the next Fiscal Year, Maait noted.    

Furthermore, the government, he said, aims to produce 42 percent of electricity from renewable sources by 2035. 

To boost its electric vehicle (EV) industry, the government would bear 35 percent of the cost of production for each electric car, Maait noted.  

"We are presenting the Debt Alliance for Sustainable Development initiative to provide a strong impetus for green investments and reduce the debt burden on developing economies," he indicated.

In July, Maait said Egypt aims by the end of 2023 to secure $3 billion in financing from several external markets to bridge its financing gap.

Egypt plans to secure these funds through several institutions and through issuing fresh Panda and Samurai bonds that target the investors in the Asian market, he explained.

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