Raya’s BariQ is looking to take a EUR 40 mn green bond to market by early 2021 to finance the expansion of its recycled plastic food packaging operations, Al Mal reports, citing people familiar with the matter. The company plans to close the issuance at the end of this year or early in 2021 and is in talks with the Financial Regulatory Authority to begin preparations in the coming days, they said.

What are green bonds? A green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects. The World Bank was the first organization to offer green bonds in 2008 and has since issued over USD 13 bn worth through more than 150 transactions in 20 currencies.

Advisors: BariQ has reportedly tapped Misr Capital as financial advisor for the issuance and appointed Zaki Hashem & Partners as legal counsel.

CIB is about to issue the nation’s first corporate green bond: Working alongside the International Finance Corporation (IFC), the bank is hoping to finalize the issuance through a private placement later this quarter, Heba Abdellatif, head of debt capital markets at CIB, told Enterprise in June. The IFC is on board to invest USD 65 mn in the first tranche of the five-year bonds, but could bump this up to USD 100 mn if the initial offering is a success, Abdellatif said at the time.