Egypt's financing from development partners records $1.9bln

Egypt’s private sector, in addition to multilateral and bilateral development partners, have offered development financings to the private sector worth $1.9 billion during the first half (H1) of 2021, according to a statement by the cabinet on June 30^th.

A total of $300 million were allocated for the sectors of environment and energy.

Egypt's Minister of International Cooperation Rania El-Mashat said that the International Finance Corporation (IFC) is Egypt’s partner in funding and developing the private sector, offering $1.27 billion for developing various sectors, such as infrastructure, education, health, and renewable energy.

At the signing ceremony of the issuance of the $100 million first green bonds in the MENA region to finance the private sector, El-Mashat noted that this issuance is the first of its kind private-led investment that contributes to boosting climate finance, pushing towards green transition.

She emphasised the importance of this issuance, marking the first private sector-led green bond issuance, which comes amidst the rapidly growing global ecosystem, estimated at more than $1 trillion.

El-Mashat further noted that the investment market plans to achieve sustainable development to provide the necessary capital in order to achieve the UN’s 2030 sustainable development goals (SDGs).

According to the latest data, sustainable bonds which include social and green bonds, have increased by more than 80% compared to 2019.