Egypt prepares to issue region’s first green sovereign bond

Egypt is preparing to sell its first-ever green bond as the North African country looks to diversify its sources of financing and investors.

The issuance would be the first of its kind by a sovereign in the region, the Finance Ministry said Sunday in a statement.

It mentioned a portfolio of Egyptian green projects worth $1.9bn, including pollution reduction, renewable energy, clean transportation and sustainable water management.

Egypt, which seeks to raise $500m from the offering, has selected Deutsche Bank, Citibank, HSBC Holdings, Credit Agricole to manage the sale, the ministry said in February.