Back to the complete issue
Thursday, 4 November 2021

More Egyptian companies have the green bond bug + “green incentives” coming for the private sector

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.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.