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EGP 36.7bn financial allocations for 691 green projects in FY 2020/21 - Daily News Egypt

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EGP 36.7bn financial allocations for 691 green projects in FY 2020/21

Green Projects include electric train to link New Capital with other new cities, says Hala El-Said

Egypt aims to launch 691 green projects with a total cost of EGP 447.3bn in the fiscal year (FY) 2020/21, according to Minister of Planning and Economic Development Hala El-Said.

She added that EGP 36.7bn has been already allocated for this purpose in the FY 2020/21 general budget, constituting 14% of the total public investments in FY 2020/21.

The ministry’s Saturday report highlighted the possibility of using green bonds’ proceeds to finance current or future projects in the year following the date of issuance.

The most important green projects scheduled for FY 2020/21 include an electric train project which aims to link the New Administrative Capital (NAC) with other new cities.

In addition, the government will continue establishing Cairo Metro’s Line 3 and Line 4 to solve the problem of traffic congestion in Greater Cairo, and a monorail project in the NAC and 6th of October city.

El-Said referred to green projects for renewable energy included in the upcoming fiscal year’s plan, which aim to meet the growing demand for energy.

It is anticipated that they will meet the sustainable development plan, represented by the wind power stations in the Gulf of Suez, which have a capacity of 25 MW.

This is in addition to the 50 MW photovoltaic station in Zaafarana, and the local development sector’s solid waste management project, which aims to raise the efficiency of cleaning system.

The Ministry of Planning and Economic Development noted that the transport sector projects account for the largest percentage of the financial allocations in FY 2020/21. These come in with a reported 50%, followed by housing sector projects at 30%, and electricity sector projects at 9%.

The ministry’s report indicated that the largest percentage of green projects in the FY 2020/2021 plan is concentrated in Cairo, standing at 23, with financial allocations amounting to about EGP 9.7bn or 27%, followed by Giza with 36 projects and EGP 8.7bn allocations at 24%.

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