Egypt plans to issue bonds in local currencies of BRICS’ NDB members

Egypt plans to issue bonds in currencies of the members of the BRICS-founded New Development Bank (NDB). According to Egypt’s Minister of Finance Mohamed Maait, this will include green, blue, social, and sustainable bonds.

Green, blue, and social bonds

Maait said in a press statement on Sunday that Egypt aims to issue green, blue, social, and sustainable bonds that meet the ambitions of Egypt’s Vision 2030. The bonds will add new projects with a social dimension to Egypt’s sustainable portfolio.

At the beginning of this year, Egypt officially joined BRICS which includes: Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Saudi Arabia, and the UAE.  The group seeks to enhance trade in local currencies among member states.

Maait, who is also the governor of the NDB, explained during his meeting with the bank’s Vice President, Vladimir Kazbekov, that his country seeks to build a strong and sustainable strategic partnership with NDB. Hence, it aims to attract more development investment flows to support its efforts in building comprehensive sustainable development that improves the lives of citizens.