Minister: 30 percent of investment plan in current fiscal year covers green projects

CAIRO - 3 September 2021: Minister of Planning and Economic Development Hala El Saeed said 30 percent of the government’s investment plan for the current fiscal year cover green projects, adding that the government is targeting to increase the ratio to 50 percent by the fiscal year 2024/2025.

The minister's remarks were made during her participation in an event titled "Green Financing in Compliance with Sharia (Islamic Law)" held virtually on the fringe of the meetings of the council of governors of the Islamic Bank for Development (ISBD) held in Uzbekistan.

Addressing the gathering, El Saeed highlighted the policies adopted by Egypt to ease the transition of government and private investments to green economy, citing the outcome of the first phase of Egypt's economic reform program which helped in lowering gas emissions through reducing the consumption of fossil fuels and enhancing power efficiency.

She also pointed out to mega projects carried out by Egypt to beef up the use of renewable energy, citing Benban solar station in Aswan which is producing 2 gigawatts of electricity and has helped in creating job opportunities in the local community of Aswan.

Saeed also said the Planning Ministry has cooperated with the Ministry of Environment to issue green bonds valued at dlrs 70 million to augment resources for the green projects, noting that this made Egypt the first country in the Middle East and Africa to issue such bonds.

The minister also reviewed a set of programs that aim at changing Egypt's economy to a more productive one in conformity with the national strategy for sustainable development for 2030.