Egypt’s private sector is preparing to take to market USD 120-200 mn in corporate green bonds, Planning Minister Hala El Said said during COP26 climate summit in Glasgow yesterday. The minister stopped short of giving further details on which companies could issue the bonds or when the sales could go ahead.

The plan would mark Egypt’s second corporate green bond issuance: Leading private sector bank CIB was the first in the country to issue corporate green bonds when it completed a USD 100 mn sale of the securities in July. The sale was initially capped at USD 65 mn, but the bank raised the size on the back of strong demand from the International Finance Corporation (IFC), which snapped up the entire issuance.

Big green finance meets high-level climate diplomacy: El Said announced the news during Tuesday’s high-level panel hosted by the Adaptation Action Coalition (AAC), a UK-led alliance to address climate change of which Egypt is a founding member. Also in attendance were IMF chief Kristalina Georgieva and WHO climate director Maria Neira.

Also in the works: Unspecified “green incentives” for the private sector, Gamil Helmy, assistant planning minister for sustainability, said at a separate event. The incentives would be linked to environmental standards the Planning Ministry released in cooperation with the Environment Ministry earlier this year, according to the statement.