Egypt has successfully issued a three-year Sustainability Panda Bond worth RMB 3.5 billion ($478.7 million) and is the first country on the continent to do so. The African Development Bank (AfDB) and the Asian Infrastructure Development Bank provided partial credit guarantees to support the issuance. Panda Bonds are issued in China’s domestic capital market by foreign issuers, typically governments or corporations, and are denominated in Chinese yuan. Egypt will use the bond proceeds for inclusive growth and green objectives under its Sovereign Sustainable Financing Framework. Egypt has previous experience tapping sustainable bond markets.

Source: The North Africa Journal October 19, 2023 09:01 UTC