Egypt’s Arab African International Bank (AAIB) issued Africa’s largest private green bond worth $500 million to fund its sustainable development operations. The bond is also reflective of a strong commitment to supporting Egypt’s green transition and economic development. To support the move to a greener, climate-resilient economy, in 2023 Egypt’s government announced its aim to reduce greenhouse gas emissions by 37 percent by 2030. The sustainability bond will help Egypt advance towards this target by increasing access to finance to businesses and projects that help reduce greenhouse gas emissions or otherwise protect the environment. The proceeds from green bonds are exclusively used to finance or refinance projects that contribute to environmental sustainability.

Source: The North Africa Journal November 26, 2024 11:02 UTC