Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, announced the completion of the framework of government green bonds, set to be the first of its kind in the MENA region.

Offering sovereign green bonds in the international markets will contribute to enhancing foreign investor confidence in the Egyptian economy and attracting more investors, Maait said in a statement on Sunday. 

Egypt’s portfolio of eligible green projects is valued at $1.9 billion, 16% of which are in the renewable energy sector, 19% in clean transportation, 26% in sustainable management of water and wastewater, and 39% in pollution control.

The environmental, social and governance research and data firm Vigeo Eiris, affiliated to Moody's Investors Service, has evaluated the bond framework and assessed its compliance with Egypt’s strategic sustainability priorities.

HSBC, the Commercial International Bank (CIB), and Credit Agricole were selected to act as structural advisors for the issuance.