Egypt Studying Sustainable Development Bonds

The Central Bank of Egypt (CBE). Reuters
The Central Bank of Egypt (CBE). Reuters
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Egypt Studying Sustainable Development Bonds

The Central Bank of Egypt (CBE). Reuters
The Central Bank of Egypt (CBE). Reuters

Egypt's Finance Minister Mohamed Maait said that Egypt is considering issuing bonds linked to sustainable development.

The country is also aiming to expand its issuance of green bonds, he said, having sold $750 million in five-year green bonds in its first such sale in September.

Maait noted that there are plans to expand the issuance of green bonds to provide sustainable financing for environmentally friendly projects in the areas of housing, clean transportation, renewable energy, reducing pollution, adapting to climate change, raising energy efficiency, and the sustainable management of water and sanitation.

He added that the first offering of green bonds, worth $750 milion, has allowed Egypt to play a leading role in green development, and become a leader in the clean and environmentally friendly investment community in the region.

The minister said that the expansion of green projects will contribute to the country achieving comprehensive and sustainable development, whilst taking into account the environment.

It would help reduce pollution, improve air quality by reducing harmful carbon emissions, rationalize fuel consumption, and is consistent with efforts to maximize local components in the national industry, as well as raise growth rates, he added.

The minister said that the government aims to improve Egypt’s competitiveness in the environmental performance index and will target the implementation of 140 development projects in various sectors nationwide.



Trump's Baseline Tariff Plays to Türkiye’s Advantage, Vice President Says

Türkiye's Vice President Cevdet Yilmaz speaks during a press conference to unveil a savings measures package in Ankara, Türkiye, May 13, 2024. REUTERS/Umit Bektas/File Photo
Türkiye's Vice President Cevdet Yilmaz speaks during a press conference to unveil a savings measures package in Ankara, Türkiye, May 13, 2024. REUTERS/Umit Bektas/File Photo
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Trump's Baseline Tariff Plays to Türkiye’s Advantage, Vice President Says

Türkiye's Vice President Cevdet Yilmaz speaks during a press conference to unveil a savings measures package in Ankara, Türkiye, May 13, 2024. REUTERS/Umit Bektas/File Photo
Türkiye's Vice President Cevdet Yilmaz speaks during a press conference to unveil a savings measures package in Ankara, Türkiye, May 13, 2024. REUTERS/Umit Bektas/File Photo

The relatively low 10% baseline tariff that the United States has applied to Türkiye could favor Turkish exporters, Türkiye's vice president told broadcaster CNN Turk on Saturday.
Along with the baseline tariff that took effect on Saturday, US President Donald Trump has announced higher levies on goods from 57 larger partners including China, European Union, Vietnam and Japan that are due to start next week.
The decision not to impose such levies on Türkiye "seems to be to our advantage as of now, for access to the American market", Vice President Cevdet Yilmaz told CNN Turk.
"There were already tariffs on iron, steel and aluminium (exports from Türkiye to the US). When (the US) imposed similar tariffs on the others, there was an equalization there, it was in our favour," he added.
Yilmaz said that as an importer, Türkiye would also benefit from a drop in international commodity prices, including oil, following Trump's announcement.
Türkiye's Trade Minister Omer Bolat said on Friday that the Turkish government wanted to negotiate with the US to lift the 10% in new tariffs.
He called them the "best of the worst", given higher tariffs on many other countries.