Egypt will invest EGP 36.7 bn in green projects during FY 2020/21

Egypt will pump 36.7 billion Egyptian pounds investments into green projects during the current fiscal year, accounting for around 14 percent of its investment budget, Planning Minister Hala El Saeed said.

Some 691 projects worth 447.3 billion pounds will receive funding, she added during a conference on the government’s sustainable development plans.

The government aims to direct 30 percent of its investment budget into green projects in FY2021-2022, she added.

Egypt launched the region’s first green bond issuance last month, raising $ 750 million in a sale that saw strong appetite from international investors. The proceeds have been allocated to more than five major projects in transport, water, and waste-management.

The government has a $ 1.9 billion portfolio of green projects, including clean transportation, renewable energy and sustainable water management.