Egypt is planning to issue green bonds and sukuk worth up to EGP 10 billion before the end of the fiscal year (FY) 2024/2025, as part of its ongoing strategy to diversify funding sources.

Egypt expects to raise between $2 billion and $2.5 billion from the resumption of the state’s initial public offering (IPO) program during the current fiscal year (FY) 2024/2025.

The Egyptian Ministry of Finance is considering issuing green bonds and sukuk in Egyptian pound in the local market to fund the overall budget deficit.

The Egyptian government is considering issuing green bonds worth $700 million in 2024.

The Asian Infrastructure Investment Bank (AIIB) will guarantee more than $200 million for Egypt’s upcoming green panda bond issuance.

Representatives of African countries hailed Egypt’s experience in issuing green bonds, especially in the Chinese capital market, amid using the partial credit guarantee (PCG) tool from the African Development Bank (AFD) and benefiting from the bank’s credit rating of AAA.