Egypt to increase green investment to 30 per cent in current budget

The Egyptian government is set to dedicate 30% of the new budget for green investments, as compared to 15% in FY 2021/2022, minister of Finance said.

Mohamed Maait also indicated that Egypt is planning to raise green investments under the FY 2024/2025 budget to 50%, Arab Finance reports.

Egypt has embarked on the development of green financing. The country is set to host in November this year the 27th edition of the UN Climate Change Conference 2022 (COP 27).

The country has obtained its first green financing worth $1.5 billion in November 2021 from a group of international banks, Maait recalled.

In September 2020, the country has succeeded in issuing the first five-year sovereign green bonds in the MENA region at a value of $750 million, Arab Finance notes.