EGYPT – Egypt, the largest economy in North Africa, is banking on green bonds in new drive to drive the country’s future and has recently launched green bonds with the aim of mobilising the maximum amount of funds to finance its green projects.
According to Egyptian Finance Minister Mohamed Maait, the country’s portfolio of green initiatives amounts to US$1.9 billion (about LE30 billion) and are spread in a number of sectors from renewable energy to sustainable water management.
A number of green projects have already been launched by the Egyptian government and could benefit from part of the finances raised by the green bonds.
Last month, the construction of Egypt’s largest waste management project achieved another milestone when the project proprietors chose Dutch based company Gakon to supply the equipment for the installation of greenhouses dedicated to drying the sludge of the future wastewater treatment plant.
Upon completion, US$739 million project will have a capacity of handling 5 million m3 per day of waste water.
The waste water plant will also support the restoration of 138,600 hectares of plantation east of the Suez Canal, through the reuse of treated wastewater for irrigation.
Mohamed Maait, the Egyptian Minister of Finance says that the green bonds launched on the world markets will also increase the confidence of foreign investors in the Egyptian economy.