Environment min.: Egypt took serious measures to implement green projects

 

CAIRO - 13 October 2021:  Environment Minister Yasmine Fouad stressed that Egypt took serious steps in implementing a number of green projects, including the issuance of green bonds and the environment sustainability standards guide.

 

She made the remarks on Wednesday during a plenary meeting with Ministers Hala Saeed of Planning and Mohamed Maait of Finance to review the green economy tools and a mechanism of green recovery in line with the directives of President Abdel Fattah El Sisi.

 

The talks tackled coordination with various state bodies concerned in this domain and the needed measures and financing facilities in order to lure green investments.

 

During the meeting, Fouad highlighted the importance of green incentives in encouraging private sector investments, especially as 30 percent of investments of the general state budget were allocated to green investments in the fields of transportation, water, sanitation, irrigation and electricity.

 

The government seeks to up the percentage of green projects to 50 percent of state budget projects by 2024.

 

She added that the state strategy for green recovery would include more incentives to ensure localizing sustainable development goals, noting that this also falls within the framework of the Presidential Initiative Decent Life which is the largest development overtures in the world.

 

She referred to upgrading Egypt 2030 Vision within the framework of green recovery.

 

She noted that Egypt has taken several serious steps towards green projects, including the issuance of green bonds.

 

She added that there is a current trend towards eco-friendly projects to help achieve the sustainable development.

 

She noted that efforts are underway to set standards for categorizing green incentives, especially with regard to curbing environment pollution, mitigating climate change impact and promoting energy efficiency.

 

For his part, Maait said the green financing is a major part of the global system.

 

He noted that Egypt is the first country in the Middle East and Africa to issue green bonds