Egypt is moving towards green economy projects to achieve sustainable development goals


The Media Center of the Council of Ministers published a report that included infographics highlighting the state’s trend towards green economy projects, in order to preserve the environment and the health of citizens.

The report states that Egypt is the first country in the Middle East and North Africa region to issue government sovereign green bonds in global markets, at a value of $ 750 million for a period of 5 years, while the total value of purchase orders on the issuance of government sovereign green bonds amounted to more than $ 3.7 billion, which contributed in reducing the rate of return to 5.25% instead of 5.75%.

The report stated that the launch of these green bonds aims to provide funding for environmentally friendly projects, as well as encourage clean investments in the region

The report indicated that the green projects aim at enhancing the efficiency of resource use, as well as reducing carbon emissions, wastes and pollution, as well as preventing the loss of biodiversity. It must be noted that 14% of the total public investment for these projects has been directed to the 2020/2021 budget, as the cost of implementing 691 green projects in the FY 2020/2021 plan is about EGP 447.3 billion.

The value of Egypt Portfolio of eligible green projects amounted to $ 1.9 billion until September 2020, of which 16% in the field of renewable energy, 19% in the field of clean transportation, 26% in the field of water and sanitation, and 39% in the field of pollution reduction.

The report reviewed the most prominent green projects targeted by green bonds, represented in new and renewable energy projects, projects for adaptation to climate change, clean transportation projects, as well as projects to control and prevent pollution,  and green building projects.

The report monitored examples of the green projects implemented and underway. In the field of renewable energy, the Benban Solar Energy Complex project has been implemented with a total investment of more than $ 2 billion, with a total production capacity of 1465 megawatts, and the electricity generation project with pumping and storage technology “Ataqah” is being implemented at a total cost of $ 2.7 billion, and a total production capacity of 2,400 megawatts, in addition to signing a contract worth L.E. 4.3 billion to implement a wind power plant project in the Gulf of Suez, with a total production capacity of 250 megawatts.

With regard to the field of transportation, the report highlighted that the electric train project is being implemented at a total cost of $ 1.2 billion and L.E. 7 billion, from which about 500 thousand passengers will benefit daily, in addition to the implementation of the two Monorail lines in the Administrative Capital and 6th of October city at a total cost of € 2.7 billion, which will benefit About 650 thousand passengers daily.

The report stated that the number of cars converted to run on natural gas increased by 44.9%, to reach 325,000 cars in August 2020, compared to 224.3,000 cars in August 2016.

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