CAC: Egypt ranks first in Middle East to issue green sovereign bonds

The report of the Council of American Chambers (CAC) in North Africa and the Middle East highlighted the trend towards a green economy in the countries of the region, especially Egypt.

The report pointed out that Egypt is the first country in the region to issue green sovereign bonds, with $750 million listed on the London Stock Exchange in September 2020. The issuance exceeded five times the subscription.

The report of the CAC which is headed by Tarek Tawfik added that the International Finance Corporation (IFC) launched the first green bonds for companies in Egypt, with a total value of $100 million.

The first sustainability-related loan of $2.1 billion was also issued in the Gulf region in 2018, with sustainable loans growing fivefold between 2017-2021 with the regional portfolio reaching $9.7 billion in 2021.

The report indicated that despite the impressive growth of the Middle East and North Africa region in green finance in general, the region still lags behind Western countries.