Arab Finance: Arab African International Bank (AAIB) has issued a $500 million sustainability bond, with investments from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and British International Investment (BII), as per an emailed press release.

Marking the first in Egypt and the largest issued by a private bank in Africa, the bond aims to advance Egypt’s green transition and micro, small, and medium-sized enterprises (MSMEs) by backing green and sustainable projects.

The sustainability bond has been subscribed with $300 million by IFC, alongside $100 million from EBRD and $100 million from BII.

About 75% of the bond’s proceeds are allocated to green financing, including industrial energy-efficiency, small-scale renewable energy projects, and green buildings, with 25% allocated for social assets including inclusive finance and MSMEs.

“This investment is a milestone in extending more financial inclusion, while unlocking the potential of sustainable finance in Egypt," Sérgio Pimenta, IFC’s Vice President for Africa, said.

“As the largest investor in the country’s first sustainability bond issued by AAIB, we are empowering a greener, more climate-resilient future for Egypt and contributing to the country’s climate commitments,” Pimenta noted.

IFC, ODE partner to support green tourism in Egypt Updated 11/25/2024 6:40:00 AM

CIB, IFC pen $150M financing agreement to back MSMEs growth Updated 11/25/2024 6:06:00 AM

IFC Vice President for Africa visits Egypt on November 24th Updated 11/24/2024 5:49:00 AM

Egypt secures $21.3M in financing from EBRD to expand Gulf of Suez wind power plant Updated 11/21/2024 3:57:00 AM

Egypt discusses enhanced cooperation with IFC in mining, infrastructure sectors Updated 11/20/2024 8:50:00 AM