Egypt launched in a virtual event on Thursday, its first green bond offer on the London Stock Exchange (LSE). Egypt’s government sovereign green bond offer is $ 750 million with a five-year term. The offering is the largest in the Middle East and North Africa region, and is the first scheme of its kind on the London Stock Exchange.
Interim Executive Director of the London Stock Exchange, Daniel Jenkins, Finance Minister Mohammad Mayet and British Middle East Minister James Claverley sent a message for the opening ceremony of the virtual market, expressing their support for the move, which contributes to the common Strengthens aspirations.
Egypt and the United Kingdom, and work together for green recovery from emerging coronaviruses (COVID-19), and support the United Nations Convention on Climate Change (COP26), and climate priorities in the period thereafter . After him, in a way that demonstrates Egypt’s commitment to sustainable development and its role as an innovative leader in the field.
British Middle East Minister James Claverley and Interim Executive Director of the London Stock Exchange Denzil Jenkins welcomed the decision to list bonds on the London Stock Exchange, which contributes to deepening the permanent partnership between the UK and Egypt in the face of climate change . “The list of the first green lords in the Middle East on the London Stock Exchange represents a historic moment between the United Kingdom and the Middle East. From London to Cairo and around the world, we need ambitious and forward-thinking measures. Environment.” ” This method of protecting and ensuring green and flexible recovery from novel coronoviruses, ”commented Cleverley.
Jenkins said, the success of this inaugural deal highlights Egypt’s commitment to building a sustainable future and paves the way for many issuers in the region to follow this approach.
For its part, Mayt announced to join the group of Egyptian sovereign green bond issuers, who play a leading role in green development, and how the government values investors’ great turnaround for this successful issuance, which Demonstrates government support and trust. Efforts to diversify the funds needed to achieve the Sustainable Development Goals.
He added that the proceeds of the “green bond” would be used to finance expenditures related to environmentally friendly green projects, and Egypt in areas such as clean transportation, renewable energy, reducing and controlling pollution, climate-friendly To achieve the Sustainable Development Plan. Energy efficiency, and sustainable management of water and sanitation in light of “Egypt Vision 2030”, which prioritizes green investment projects
The Egyptian minister clarified that the issue has been seen more by investors, as the issue of the purchase order announcement is 7.4 times more than “$ 500 million”, and the allowable volume is more than 5 times “$ 750 million”. This issue has not been attracted. A new base of investors in Europe, the United States, East Asia and the Middle East: 47 percent, 41 percent, 6 percent and 6 percent, respectively.
The minister said the very strong membership of the government sovereign green bond offering, announced from Cairo, which reached more than $ 3.7 billion, helped the finance ministry reduce the interest rate on the bond by about 50 basis points. Announced prices at the beginning of the process. Subtraction; The international green bonds offered by Egypt for the first time in their history reflect the growing economic, financial and monetary conditions and investor confidence in Egypt’s future and commitment to Egypt’s sustainable development policies.
British Ambassador to Egypt Geoffrey Adams said the United Kingdom was proud to see the first list of green bonds on the London Stock Exchange.
“This is one of the characteristics of bilateral cooperation between our two countries in the general struggle against the negative effects of climate change. It is also a reflection of the common goals between the UK and Egypt about climate change and resilience, as we look forward For COP26, which will be co-hosted by the UK in Glasgow in November 2021 in partnership with Italy.