“Egypt is the first African country to issue green bonds,” Finance Minister Mohamed Maait told local press.
Egypt’s Cabinet has given the finance ministry the go-ahead to take measures aimed at issuing sovereign sukuk, or Islamic bonds, on international markets, it said in a statement
Maait pointed out during a meeting organized by the Egyptian Chamber of Commerce in Alexandria with a number of the Alexandrian business community that these bonds are issued to obtain financing for sustainable projects related to the environment and climate.
Minister of Finance Mohamed Maait said in earlier statements that the issuance would not be large and would be almost “similar in size” to Egypt’s first sovereign green bond issuance of $500 million in 2020 which was almost 5x oversubscribed. It is expected to range between $500 million and $1 billion, according to Maait.
