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.