Egypt - The Ministry of Finance is preparing to issue Panda bonds worth $500m in the Chinese market, according to informed sources. The Ministry has started a tender to select the legal and financial advisors for the issuance, which is expected to be completed soon.

Prime Minister Mostafa Madbouly said on Tuesday that the first offering of green sovereign bonds was a very important step towards localizing green and sustainable financing mechanisms in the Egyptian market. He also announced the launch of the Egypt Climate and Environmental Investment Platform, an online portal for entrepreneurs, developers, financiers, investors, and supporting institutions.

The Prime Minister made these remarks during the inauguration of the first edition of Egypt’s Climate and Environmental Investment Forum, held under the patronage of President Abdel Fattah Al-Sisi, and organized by the Ministry of Environment, in partnership with the United Nations Industrial Development Organization (UNIDO) and the Swiss Agency for Development and Cooperation (SDC).

The forum was attended by several ministers, officials, heads of economic and regulatory bodies, and leaders of major companies operating in various economic sectors. The Minister of Environment Yasmin Fouad presented Egypt’s National Climate Strategy 2050, investment and innovation opportunities in environmental sectors, and the support provided by the ministry to environmental investors.

The Prime Minister explained that the forum aimed to announce a new era of environmental investments, as a result of the efforts made by the Egyptian state to transform the environmental file into an integrated structure that linked mitigation, adaptation, and climate financing. He added that the forum was also a follow-up on the outcomes of the COP27 conference held in Sharm El-Sheikh in 2022 and that Egypt would share its experience and expertise in COP28.

The Prime Minister said that Egypt had taken several reform measures to create a supportive climate for green investment, such as applying environmental sustainability standards to various projects included in the budget, to reach 100% green projects by 2030. He also said that Egypt had launched its National Strategy for Climate Change 2050, and the updated National Voluntary Contributions Plan 2030, which estimated the volume of investments required to implement those contributions at $246bn.

He also pointed out that Egypt was implementing many development and infrastructure projects under the umbrella of mitigation and adaptation to climate change, in cooperation with the private sector and development partners. These projects included new and renewable energy projects, sustainable transportation projects, seawater desalination plants, and others.

The Prime Minister concluded by stressing that the online platform would provide preliminary economic feasibility studies and profiles of investment opportunities in sectors such as waste management, sustainable energy, eco-tourism, bio-based industries, agriculture, and food production. It would also provide information on support programs and a direct communication channel with the Ministry of Environment and the Climate and Environmental Investment Unit (CLEIU).

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