Egypt to invest EGP 36.7 bn into green projects in FY2020-2021
INVESTMENT WATCH- Egypt will invest EGP 36.7 bn in green projects during the current fiscal year, accounting for around 14% of its investment budget, Planning Minister Hala El Said said during a conference on the government’s sustainable development plans, according to Al Mal. Some 691 projects worth EGP 447.3 bn will receive funding, she said. The government aims to dedicate 30% of its investment budget to green projects in FY2021-2022, she added.
Egypt has been flouting its green credentials as of late: Egypt held the region’s first green bond issuance last month, raising USD 750 mn in a sale that saw strong appetite from international investors. The proceeds have been allocated to more than five major projects in transport, water, and waste-management. The government has a USD 1.9 bn portfolio of green projects, including clean transportation, renewable energy and sustainable water management. It is also in talks with foreign investors to launch new wind and solar projects projected to generate 2 GW of power and could set a more ambitious energy strategy that would see renewables accounting for 60% of the country’s electricity by 2035.