Egypt to launch 691 green projects in 2021

Egypt to launch 691 green projects in 2021
Minister of Planning and Economic Development Hala Al-Saeed. (Photo/social media)
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Updated 18 October 2020

Egypt to launch 691 green projects in 2021

Egypt to launch 691 green projects in 2021
  • The government green bond issue, worth $750 million for five years, is the largest in the Middle East and North Africa, and the first of its kind on the exchange

CAIRO: Almost 700 green projects have been included in Egypt’s fiscal plan for 2020-21, at a total cost of EGP447.3 billion ($28.4 billion).

The 691 projects represent 14 percent of the plan’s total public investment, Minister of Planning and Economic Development Hala Al-Saeed said, and the ministry is aiming to increase this figure to 30 percent for 2021-2022.

She added there were incentives for ministries to move toward green projects by prioritizing financing for them.

The ministry held workshops to discuss a guide on sustainability standards that aligns with the government’s interest in expanding sustainable development into its planning system.

Mohamed Farid, head of the infrastructure sector at the ministry, said that projects meeting environmental sustainability criteria would be prioritized over other projects at the evaluation stage.

Jamil Helmy, assistant minister of planning and economic development for follow-up affairs of the sustainable development plan, said that six workshops were organized with several ministries. These discussed the environmental sustainability standards guide, which was prepared by the Ministry of Planning and Economic Development in cooperation with the Ministry of Environment, to implement the political leadership’s directives toward a green economy and integrating an environmental dimension into the sustainable development agenda.

Helmy talked about the executive action plan to integrate environmental sustainability standards into development plans, including forming work teams within ministries, strengthening the capabilities of workers, and setting up a mechanism to follow up compliance with basic environmental standards before approving project financing.

Last Thursday, Egypt launched its first green bond issue on the London Stock Exchange. The government green bond issue, worth $750 million for five years, is the largest in the Middle East and North Africa, and the first of its kind on the exchange.


Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
Updated 17 January 2021

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
  • The bank expects economic growth of 6.6% in 2021
  • Biden outlined a $1.9 trillion stimulus package proposal on Thursday

Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden’s fiscal stimulus plan will hasten the economy’s recovery from the COVID-19 pandemic.
The bank expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published on Saturday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.
Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
“Larger boosts to disposable income and government spending imply stronger growth later in the year,” the bank’s analysts wrote.