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Egypt becomes the first Arab country to issue green bonds

Sources told “Reuters” that the indicative price of Egyptian green five-year bonds had been adjusted to about 5.5% instead of 5.75%

The sources added that the order book had been modified to about two billion dollars.

Earlier today, Egypt began marketing five-year dollar-denominated green bonds, the first of its kind in the Middle East and North Africa.

A source commented on the issuance, saying that the offering is expected to raise at least $ 500 million.

He added that the aim of the issuance is to diversify the investor base in Egypt, as well as to inform people of the country’s progress in terms of sustainability.

Green bond issuances increased in 2020, as Germany joined other European countries with the first green bond issuance earlier this year.

A number of European borrowers have issued debt instruments linked to sustainability goals, and many of them are doing so for the first time and include fashion brands such as Chanel and Burberry.

In the Middle East, the Saudi Electricity Company and Qatar National Bank issued green bonds this month, and more issuances are expected in the region in the coming months.

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