In a significant milestone for African economies, Egypt’s Minister of Finance, Dr. Mohamed Maait, announced the issuance of Panda Sustainable Bonds in the Chinese Financial Markets. Egypt becomes the first African sovereign to achieve this feat, marking a historic moment not only for the nation but for the entire continent. Dr. Maait emphasized that this move represents more than just a financing opportunity; it underscores the vital economic and financial ties between Egypt and the Government of China, opening avenues for sustainable financing for African
Egypt’s initiative comes ahead of COP27, as the country launched its Sovereign Sustainable Financing Framework. This framework targets sustainable development by directing investments toward clean transportation, renewable energy, energy efficiency, and sustainable water and wastewater management. Additionally, funds will support micro, small, and medium-sized enterprises, as well as essential health services initiatives, aligning with Egypt’s green
Mohamed El Azizi, the African Development Bank’s director general for North Africa, lauded Egypt’s move as groundbreaking. He highlighted the significance of leveraging the Bank’s AAA credit rating to access new markets and mobilize sustainable financing from international investors. Egypt’s successful Panda bond issuance serves as a model for other African Development Bank Regional Member countries to explore similar opportunities and scale up sustainable financing efforts.
This achievement builds upon Egypt’s previous ventures into sustainable bond markets. In 2020, Egypt became the first country in the Middle East/North Africa region to issue a green bond. Subsequently, in 2022, Egypt made history as the first African and Middle East country to access Japanese capital markets, issuing a Samurai bond worth 60 billion Japanese yen (approximately $500 million).
Ahmed Attout, the African Development Bank’s acting director for financial sector development, emphasized Egypt’s commitment to expanding the continent’s access to sustainable financing, with plans to support other Regional Member Countries in mobilizing new development financing on both local and international capital markets.
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