Egypt PM, Scatec’s CEO Discuss Issuance of Green Bonds

Egypt PM, Scatec’s CEO Discuss Issuance of Green Bonds

Prime Minister Mostafa Madbouly held a meeting with the CEO of the Norwegian renewable energy company Scatec Terry Belskog to discuss the first issuance of green bonds to refinance the company’s plants in the Benban Solar Complex.

At the beginning of the meeting, Madbouly highlighted the confidence of international financial institutions in the Egyptian economy and the growing partnership with Scatec. This resulted in an agreement with the Norwegian company to sign the issuance of green bonds, being the first of its kind in the Middle East and Africa. It will refinance six plants for the company and its partners in the Benban Solar Park.

Madbouly referred to Egypt’s interest in expanding the participation of the private sector in achieving economic growth during the coming period, noting that the government is currently working on finalizing the “state ownership policy document”, which is a national strategy aimed at expanding the base of private sector participation in economic development.

Belskog thanked the Egyptian government for reaching this agreement, under which it will issue green bonds worth about $335 million to refinance six projects it owned in Benban. He pointed out that this is the first financial structure of its kind in the region, which reflects the confidence of international investors in the Egyptian economy.

Bilskog stressed that Scatec will work hard and quickly to implement what has been agreed upon and fulfill its obligations towards Egypt, including the localization of the industry, noting that it is keen to be at the forefront of companies working in the field of green hydrogen and green ammonia production.

The meeting was attended by Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, Dr. Mohamed Maait, Minister of Finance, Engineer Osama Asran, Deputy Minister of Electricity and Renewable Energy, and a number of officials.

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