In 2021, Egypt will see 691 new green projects come into fruition at a cost of EGP447.3 billion.
With Egypt becoming more involved in the green sector over the past few years, including building one of the world’s largest solar parks, one wonders if we’ll reach our peak and just stop trying beyond a certain point. We’re just not accustomed to the country being so environmentally conscious in the 21st century - we’ve seen your comments, we know how skeptical we can get - so we’ve got to hit our limit sooner or later, right? Not quite yet - the coming year will see 691 new green projects come into fruition at a cost of EGP447.3 billion.
These projects represent around 14 percent of the budget for the 2021 fiscal plan in public investment. Although that’s already a big number all things considered, that money will actually double in 2022, creating a new total of 30 percent.
A set of environmental sustainability criteria have been set by the state, meaning that each one of these projects will be working in close alignment with the Ministry of Environment to ensure their practices are up to par.
In addition to the plans for the coming year, Egypt recently launched its first green bond issue on the London Stock Exchange last Thursday. Worth $750 million for the first five years, Egypt’s is the largest green bond in the MENA region.