Maait: Increasing 'Green” Public Investments to 50% in FY 2024-2025

Dr. Mohamed Maait, Minister of Finance, confirmed that there is a presidential mandate to expand green and sustainable financing in the coming years, in a way that contributes to achieving development goals with environmentally friendly projects.

Maait affirmed that development projects will be implemented in cooperation with “development partners” from the private sector, adding that those projects come in line with the state’s regional efforts to combat climate change.

Maait pointed out that Egypt aims to increase the percentage of green public investment from 15% in the current fiscal year to 30% in the new budget, and to 50% in the 2024/2025 fiscal year in order to improve the competitiveness of Egypt in the Environmental Performance Index.

The minister confirmed, during his meeting with members of the British Egyptian Business Association, that Egypt is keen to persify sources of financing investment projects, between the dollar and green bonds and “Eurobonds.”