Egypt 1st African country to issue green bonds

CAIRO - 23 January 2022: “Egypt is the first African country to issue green bonds,” Finance Minister Mohamed Maait said Saturday.

Maait pointed out during a meeting organized by the Egyptian Chamber of Commerce in Alexandria with a number of the Alexandrian business community that these bonds are issued to obtain financing for sustainable projects related to the environment and climate.

The Minister of Finance added that the ministry is currently seeking to mechanize the Egyptian economy, through the development of the electronic system at the tax and customs authorities.

He stressed that as a result of the electronic system in the tax system, revenues increased in the first half of the fiscal year to 17% on an annual basis, noting that the time for customs release decreased by 50% after the implementation of the single window system.

Maait stated that reducing the customs release time was one of the ministry's most important priorities, in addition to the interest in making goods entering Egypt compatible with international standards. “We will not accept the entry of products of inappropriate quality, as Egypt deserves to obtain high-quality goods.”

The minister added that the ministry will finish the development and mechanization projects in customs and taxes next June, stressing that this will lead to an increase in the volume of investment and facilitate the process of trade exchange.

He pointed out that there are challenges with regard to the tax system, and some challenges are arbitrary estimates or delays in examining files, stressing that the mechanization that is currently being worked on will solve many problems and obstacles between the taxpayer and the interest.

Maait stressed that the world is witnessing an unprecedented state of inflation; as a result of the repercussions of the coronavirus pandemic, for example: the United States witnessed an inflation rate that it hasn’t seen in nearly 40 years.

He explained that the Egyptian society is still striving to provide all goods, in addition to providing job opportunities for young people, adding that the ministry is working to reach revenues that suffice the expenses, in addition to having a surplus, and providing financing for projects to provide job opportunities.

The minister pointed out that work is currently underway to control the current economic situation, balance supply and demand, and provide citizens' basic needs.

“Providing job opportunities for young people at the present time is considered a national security for Egypt, and therefore we continue to work on current projects to provide these opportunities and protect against any disruption in society,” the minister noted.