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Egypt Will Issue ‘Social’ Bonds in Currencies of New Development Bank Members

Egypt’s Minister of Finance Mohamed Maait announced Jan. 14 that Egypt will issue bonds—called “green, blue, social, and sustainable” bonds—through the New Development Bank (NDB) and in the currencies of the BRICS bank members; in other words, the NDB will issue these bonds for Egypt in the other countries’ bond markets. [Middle East Economy]( posted on Jan. 15. Maait who is also Egypt’s governor on the NDB board, which Egypt joined in March, met with NDB Chief Operating Officer Vladimir Kazbekov, telling him “that his country seeks to build a strong and sustainable strategic partnership with NDB. Hence, it aims to attract more development investment flows to support its efforts in building comprehensive sustainable development that improves the lives of citizens.that Egypt “aims to attract more development investment flows,” wrote MEE.

As author Yara Abi Faraj writes that “Maait added that there are promising prospects for cooperation with NDB in clean energy projects, transportation, and social and environmental protection. Moreover, Egypt seeks to collaborate with the bank in information infrastructure and water and sanitation….

“The minister also highlighted that Egypt looks forward to holding joint and sustainable discussions on strategies to enhance economic development. This also falls in line with NDB’s plans to expand its activities in Egypt. Moreover, NDB will explore more promising investment opportunities and provide soft development financing to the private sector….

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