Back to the complete issue
Thursday, 3 December 2020

Gov’t investment portfolio to go 100% green by 2023

Egypt is doubling down on its plans to go green, with a strategy to exclusively back green projects by 2023, said Planning Minister Hala El Said at the Egypt Economic Summit yesterday, according to a ministry statement. The minister had said that Egypt would invest EGP 36.7 bn in green projects in FY2020-2021, accounting for 14% of its investment budget for the fiscal year, before increasing this to 30% next year. The strategy aims to bring that figure to 100% within three years.

Egypt has been big on all things green in 2020: Egypt issued USD 750 mn of sovereign green bonds in the region’s maiden issuance in September, the proceeds of which will fund environmentally-friendly transport, water and waste-management projects. Electricity Minister Mohamed Shaker said in October that the government hopes renewables will account for 60% of the country’s energy mix by 2035.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2020 Enterprise Ventures LLC.