October 9, 2021

Egypt launches $2bln sustainable term loan, Islamic financing facility


The ESG tranche will be used for green projects

Egypt’s finance ministry has launched its first $2 billion syndicated sustainable term loan and Islamic term financing facility with a three-year tenor following the success of its $750 million green bond sale last year.

The ESG (Environmental, Social and Governance) tranche of the facility will be used to fund green projects as per Egypt’s Green Financing Framework that was implemented in September 2020. The Islamic tranche would be utilized towards budgetary requirements, the finance ministry said in a statement on Thursday.

In September 2020, Egypt became the first in the Middle East and North Africa to sell green bonds when it issued $750 million in five-year bonds that listed on the London Stock Exchange.

zawya


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