In regards of Egypt’s first-of-its-kind green bonds issued in 2020, Maait explained that their proceeds are currently financing 15 national eco-friendly projects
Egypt generates 20% of its total power loads from renewable resources representing 6,128 MW, with over 50% of the power coming from private sector companies (3,500 MW), explained Minister of Finance Mohamed Maait.
The cabinet’s media center revealed last week that Egypt's 32 solar power plants produced around 4,500 gigawatt-hours (GWh) in 2021 as part of Egypt’s efforts to transition to greener energy sources.
During his statements at the Egyptian Petroleum Show (EGYPS 2022) conference, Maait explained that the country has already directed EGP 7.1 billion to implement the presidential initiative towads replacing older car models that use gasoline for natural gas cars, noting it as a step paving the way for Egypt to move incrementally towards lower-emission vehicles.
In regards of Egypt’s first-of-its-kind green bonds issued in 2020, Maait explained that their proceeds are currently financing 15 national eco-friendly projects.
Egypt received the first green finance, as a result of this issuance, in November 2021 with a total value of $1.5 billion from number of international financial institutions and development banks.
Maait said that 46%of this finance is allocated for clean-transportation projects and 54% is dedicated for sustainable management and desalination of water and sanitation projects, which all contribute to achieving Egypt’s climate action plan.
“The private sector is a key partner in attaining Egypt’s green and sustainable growth. 30% of total investments in FY2021/2022 is dedicated to the green projects,” the minister highlighted.
