Islamic Finance

Egypt allocates EGP 36.7bn to 691 green projects in FY 2020/21

Published 05 Jul,2020 via Daily News Egypt - The ministries of planning and economic development, and environment, have agreed that 30% of Egypt’s investment projects in fiscal year (FY) 2020/21 plans will be implemented according to environmental sustainability and green economy concepts.

Minister of Planning and Economic Development Hala El-Said indicated that 691 green projects have been included in the FY 2020/21 plan, at a total cost of EGP 447.3bn. A total of EGP 36.7bn has been allocated in the FY 2020/2021 budget, with about 14% of the total public investment distributed in the plan.

According to a joint statement released on Sunday, both ministries also reached a consensus to increase this percentage to 100% during the next three years.

El-Said said that more effort is needed to achieve sustainability and preserve the country’s resources for future generations. She explained that sustainability is associated with a green bonds issuance as a sustainable financial instrument.

Minister of Environment Yasmin Fouad stressed the need to include environmental aspects in Egypt’s development projects. Fouad explained that this can be achieved through two main pillars, the first of which is to ensure that the state’s plan for environmental sustainability is observed. The second pillar would see the rational use of natural resources for future generations.

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Green Economy