Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) is set to finalise all procedures required for the issuance of green bonds.

A local company is expected to issue Egypt’s first green bond in early 2020, the FRA’s chairman Mohamed Omran said in a statement on Thursday.

The FRA has invited environmental officials and representatives of regional and international environmental organisations to a meeting aimed at developing a taxonomy for green projects in a bid to create a green bond issuance guide.

In November, the board of directors of FRA approved the exemption of issuers of green bonds from 50% of service fees.

It is worth mentioning that green bonds are used to raise funds for eco-friendly projects.