Egypt signs 1st green, Islamic credit facility contract worth $2B

  • 09 October 2021 / News / 80 / Fares RAHAHLIA


Egypt signs 1st green, Islamic credit facility contract worth $2B

CAIRO – 7 October 2021: Egypt, represented by the Ministry of Finance, signed Thursday the first green and Islamic credit facility contract, worth $2 billion, for a period of 3 years.

 

The contract provides credit facilities that will be used in financing environmentally compatible projects and the general budget.

 

Emirates NBD Capital Limited and First Abu Dhabi Bank have been selected as joint global coordinators, authorized lead arrangers and book runners for this transaction.

 

The maturity of the joint facilities extends for three years, and the environmental, social and corporate governance (ESG) tranche will be used to finance green projects in accordance with the Green Finance Framework of the Ministry of Finance in Egypt, which came into effect in September 2020.

 

In return, the Islamic financing tranche will be used to finance the state's general budget.

 


source: egypttoday

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