In a statement on Wednesday, the authority said the proceeds of the green bonds will be used in funding environmental projects, including clean energy ventures.

The issuance of these bonds is watershed stage in the capital market contribution to support transition to the green economy.

Minister of International Cooperation Rania Mashat - who marked the event - said the issuance of the green bonds underlined the importance of international partnerships to support the private sector's contribution to development efforts.

She noted that Egypt was the first to launch green bonds in the Middle East and Africa last year at $750 million.

She added that the ministry seeks to promote international partnerships with multilateral development partners to enhance the private sector's role.

She said that the Egyptian government approved last year the establishment of 691 eco-friendly projects in various scores.

FRA Chairman Mohamed Omran noted that the authority launched an initiative for incentivizing green bonds issuance by exempting green bonds issuers from 50 percent of total service fees.