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Government allocates over EGP 36B for green projects in FY 2020/2021

Government allocates over EGP 36B for green projects in FY 2020/2021

ArabFinance: Egypt’s state budget for fiscal year (FY) 2020/2021 includes 691 green projects at a total cost of EGP 447.3 billion, Minister of Planning and Economic Development Hala el Said announced on October 17th.

The minister added that the total allocations for the green developments stand at EGP 36.7 billion, representing 14% of the total state investments.

El Said noted that the government plans to increase this amount to account for 30% of FY 2021/2022 plan.

Meanwhile, the Minister of Environment Yasmine Fouad said, on October 18th, the government has prepared a list of 41 green projects to be financed from the proceeds of Egypt’s sovereign green bonds.

The Arab republic has listed $750 million worth of sovereign green bonds on London Stock Exchange last week.

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