Egypt intends to obtain the first sustainable and Islamic financing of two billion dollars

The Egyptian government announced the start of securing the first conventional term financing facilities in accordance with the green and Islamic joint financing framework, amounting to 2 billion dollars.

Emirates NBD Capital Limited and First Abu Dhabi Bank have been selected as joint global coordinators, authorized lead arrangers and bookrunners for this joint financing facility.

The maturity of the joint financing facilities extends for three years, and the green projects that will be financed or refinanced will be determined according to the green financing framework that came into effect in September 2020, and the Islamic financing tranche will be used to finance the public budget deficit.

The Egyptian Ministry of Finance said that this step comes within the framework of the government’s keenness to diversify sources of funding, and to go to different markets to meet the necessary needs for the state’s public treasury.

Egypt had succeeded in repaying the facility, which it had previously obtained for a year, at a value of 2 billion dollars.

A statement by Emirates NBD, today, Thursday, stated that the maturity of the joint facilities extends for three years, and the environmental, social and institutional governance tranche will be used to finance green projects in accordance with the Green Finance Framework of the Ministry of Finance in Egypt, which entered into force in September 2020.

The Islamic financing tranche will be used to finance the general budget.

Egypt had sold three billion dollars of bonds in three tranches this September, and it reduced the returns on all the tranches after it attracted more than 8.25 billion dollars in requests for its second bond sale in 2021.

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