AfDB to provide $345M partial credit guarantees for green initiatives funds support

The African Development Bank Group approved a partial credit guarantee of $345 million to Egypt to finance green and social projects.

This partial credit guarantee will allow Egypt to raise the equivalent of $500 million in the Chinese Yuan denominated Panda Bond market, issued by foreign borrowers.

Bond proceeds will be used for clean transportation, renewable energy, energy efficiency, sustainable water and wastewater management, MSMEs financing, and essential health services initiatives, among others. These sectors are prioritized under Egypt’s Sovereign Sustainable Financing Framework (SSFF).