Egypt's 20/21 plan includes 691 green projects with cost of LE447.3B

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Sun, 05 Jul 2020 - 04:26 GMT

BY

Sun, 05 Jul 2020 - 04:26 GMT

FILE - Minister of Planning Hala el-Saeed

FILE - Minister of Planning Hala el-Saeed

CAIRO – 5 July 2020: Egypt’s plan for fiscal year of 2020/2021 includes 691 green projects with a total cost of LE 447.3 billion, according to Minister of Planning Hala el-Saeed.

Green projects are environmentally friendly as they are able to reduce pollution, fossil fuel consumption, and have positive impact on environment.

 

“Financial provision for these projects amounted to LE 36.7 billion in 2020/2021 plan, which represents 14 percent of the total public investments distributed in the plan,” Saeed noted.

 

She pointed out that the proceeds from the issuance of green bonds could be used to finance current or future projects in the year following the date of issuance.

 

She emphasized that sustainability and preserving the state’s resources for future generations need to exert more efforts, explaining that sustainability is associated with the trend towards issuing green bonds as financial instruments that bear the characteristics of sustainability.

 

Saeed added that a set of environmental standards is defined and must be observed by all concerned parties when preparing investment projects included in the economic and social development plan funded by all sources of funding to ensure the achievement of the country's development priorities.

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