Renewable

January 7 (Renewables Now) - Egypt is preparing to issue green bonds worth more than USD 750 million (EUR 662.84m) this year as the Arab country is pursuing a significant expansion of renewable energy.

The green bonds that will be issued in 2022 will exceed the level of last year, the director of the debt unit at the Ministry of Finance, Mohamed Hegazy, told Asharq News.

Egypt was the first country in the Middle East and North Africa to issue green bonds last year. The country debuted on the green bond market at the end of September with a five-year note worth USD 750 million.

The North African country is stepping up efforts to add more green energy capacities in order to reach 42% renewables in its energy mix by 2030. Its strategy is supported by an ambitious action plan for green hydrogen production that the government is devising currently, the country's minister of petroleum and mineral resources Tarek El-Molla said in November. El-Molla outlined the financing of projects as one of the main challenges to the transition to clean energy in the country.

(USD 1 = EUR 0.884)