Egypt launched maiden $750 million green bonds on the London Stock Exchange (LSE) in a virtual event today.
The five-year green bonds represent the largest green bond issuance ever in the MENA region, and the first sovereign bond to list on the LSE.
Interim CEO of the LSE Denzil Jenkins, Egyptian Finance Minister Dr. Mohamed Maait and UK Minister for the Middle East James Cleverly recorded messages for the virtual market open ceremony, expressing their support for such a move.
The listing furthers the UK and Egypt’s shared ambitions to work towards a green and resilient recovery from COVID-19, and supports climate priorities in the run up to the UN Climate Change Conference, COP26, and beyond. This new bond issuance also demonstrates Egypt’s commitment to sustainable development and its role as an innovative leader in the region.
Both Minister Cleverly and CEO of the LSE Jenkins welcomed the decision to list the bonds in London as a sign of continued UK-Egypt partnership on the climate agenda.
UK Middle East Minister James Cleverly said: “The listing of the first ever Middle Eastern sovereign green bonds on the London Stock Exchange marks a historic moment between the UK and the Middle East. From London to Cairo, and across the world, we need ambitious and forward-thinking action like this to protect the environment, and ensure a green and resilient recovery from COVID-19.”
CEO of the LSE Denzil Jenkins said that the success of this inaugural transaction highlights Egypt’s commitment to building a sustainable future and paves the way for many more issuers in the region to follow this example.
