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Economic Bulletin Board of Directors 4th issue - December Volume 70 - 2020 Cairo Economic Bulletin Board of Directors Hisham Ahmed Mahmoud Okasha Chairman Yehia Abo El Fotouh Ibrahim Deputy Chairman Dalia Abd Allah Mohamed El Baz Deputy Chairman Sahar Mohamed Ali El Salab Board Member Ali Fahmi Ibrahim El Saedy Board Member Sherif Josef Alexan Wahba Board Member Ahmed Mohamed Helmy Mohamed Seddik Board Member Atef Ahmed Helmy Nageb Board Member Mohamed Hany Mahmoud Salah El Din Board Member Economic Bulletin Economic Bulletin Volume 70, 2020 Egypt turns actively to green economy to achieve Egypt takes steps to revive its tourism industry 6 SDGs 50 following the coronavirus crisis Egypt ranks among the world’s fastest-growing WB calls for strengthening trade cooperation in 10 exporters of natural gas 55 MENA region in post-COVID era MSMEs Development Law: Egypt’s economic growth World Economic Outlook 15 driver 60 Automotive industry in Egypt: opportunities, challenges Regional Comprehensive Economic Partnership, the 23 and future prospect 63 world's largest free trade pact 30 Investor interest revives in Egypt's mining industry 67 Egyptian Economy in Brief International rating agencies maintain their outlook 34 for Egypt's economy Two-year harvest of government action plan 40 (July 2018 – June 2020) Sovereign Fund of Egypt launches a number of sub- 47 funds to invest in various fields Economic Bulletin Issue No.4 of 2020 5 Egypt turns actively to green economy to achieve SDGs The following is a number of existing and in-progress Recent years have witnessed a growing global trend towards "green economy" as a new strategy to green projects in Egypt across several economic reduce environmental risks of various economic sectors. This is attributable to the fact that green sectors: economy promotes sustainable development, causing no harm to the environment. Locally, Egypt 42% enhances its shift to a green economy, being a key component of the comprehensive development Renewable energy share in plans, through implementing several projects that fit Egypt's economic and environmental priorities. •Renewable energy sector: A strategy of the ideal technical and economic mix for energy mix by 2030 energy up to 2030 has been devised in cooperation Generally speaking, the concept of "green economy" is the economy that addresses the rational with an international consultancy firm. The strategy management of eco-systems and natural resources and strengthens the state's ability to achieve water targets maximizing the renewable energy share in and food security for people and protect their health. Green economy mainly aims at increasing economic energy mix to exceed 42% by 2030. Such target was growth opportunities, diversifying production sources, creating more jobs, alleviating poverty, widening set in light of Egypt's abundant renewable energy and variegating investments and raising domestic product competitiveness. sources mainly including wind and solar power, with 90 GW a total generation capacity of 90 GW. In this regard, Total electrical power gener- 2 more than 7,600 km of untapped land have been atable by Egypt's renewable Globally allocated for new and renewable energy projects. Over the past few years, several countries adopted a plenty of measures to support the move to a green energy sources economy. This included extending loans and offering tax exemptions to sustainable transportation projects, Private sector cemented its participation to circular economy, clean energy and sustainability research. Those countries gave financial support to the implement renewable energy projects, as private sector to improve energy efficiency and stimulate renewable energy production. They also curbed follows: the lending and tax incentives and privileges granted to non-green and most polluting industries. • Constructing and operating Benban Solar Park, with total investments of more than US$ 2 bn. Many international and regional initiatives have been launched, such as European Green Deal which sets and a total capacity of 1,465 MW. The project a specific timeline for the transition to a growing low-carbon economy (LCE), and protecting biodiversity. was awarded two international prizes; namely the "Global Award" for 2017 and the World About 3.9 GW Locally Bank award for 2019; Total production capacities of Benban Solar Park and Eco-sustainability is the third dimension incorporated in sustainable development along with the economic • Working on Ataqa pumped storage hydroelectric and structural reform program and the social dimension. The three elements constitute correlated and power plant, with a total cost of US$ 2.7 bn. and Ataqa pumped storage hy- integrated dimensions of sustainable development. Egypt's Vision 2030 reflects the environmental a production capacity of 2,400 MW; and droelectric power plant dimension as a key pillar in all development sectors, aiming to secure natural resources, ensuring their fair and • Signing Gulf of Suez wind power plant agreement optimal use and investment; and safeguarding the future generations' rights. The environmental dimension in the amount of EGP 4.3 bn, generating 250 focuses on diversifying production sources and economic activities, boosts competitiveness, provides new MW in total capacity. job opportunities, alleviates poverty and achieves social justice, along with a cleaner, healthier and safer environment for citizens. •Transportation: In this regard, the government targets enhancing • Electric train project is under implementation, Egypt's competitiveness in the Environmental with a total cost of US$ 1.2 bn. and EGP 7 bn. It is Performance Index (EPI) by increasing the green public 15% expected to benefit 500,000 passengers per day. EUR 2.7 bn. investments to total public investments to 30% in FY Green public investments to Cairo Monorail's New Administrative Capital line 2021/22 from 15% in FY 2020/21. This comprises total public investments in FY • Total cost of New and 6th of October City line are underway, with many projects in 13 sectors: "agriculture; irrigation; Administrative Capital line 2020/2021 a total cost of EUR 2.7 bn., serving 650,000 housing; energy; transportation; health; tourism and and 6th of October City line passengers per day. ancient heritage; domestic development; industry; scientific research; education; environment; finance • The vehicles converted to natural gas have and investment". recently increased to 325,000 vehicles in August 2020 from 224,300 vehicles in August 2016, with a growth rate of 44.9%. Economic Bulletin Issue No.4 of 2020 7 Egypt turns actively to green economy to achieve SDGs •Water and sanitation: Egypt's first green bonds • El Alamein desalination plant with a total cost of US$ 150 MM. was implemented to produce 150,000 •Offering value and yield rate: m3/day. In late September 2020, Egypt offered its first sovereign green bonds worth US$ 750 MM. in the Middle • A wastewater treatment plant in Bahr al-Baqar is under development, with a total investment cost of US$ East and North Africa (MENA). The offer involves five-year green bonds at a yield of 5.25%, helping Egypt 3 1 bn. and a targeted capacity of 5.6 MM. m /day. make its mark on the global sustainable financing map. In this respect, it is planned to use the proceeds • The expansions of El Gabal El Asfar wastewater treatment plant are in process, with a total cost of EGP of these "green bonds" to finance the expenses of eco-friendly green projects and pursue the sustainable 7.8 bn. and a capacity of 1 MM. m3/day. Such expansions will raise the plant's total capacity to 3.5 MM. development plan in line with Egypt Vision 2030 which gives priority to green investment projects. m3/day by end-2023. •Foreign investors' increasing appetite for Egypt's offering: •Pollution abatement: (from July 2014 to June 2020) The green bond issuance attracted a large investor turnout, as the purchase orders exceeded the initial • A total of EUR 77.9 MM. was extended to finance the National Solid Waste Management Program offering of US$ 500 MM. that was covered 7.4 times to record US$ 3.7 bn. It is noted that the issuance was (NSWMP). five times oversubscribed compared to the accepted bids. This reflects the investors' growing confidence in Egypt’s economic, financial and monetary situation; commitment to sustainable development policies; and • Nearly EGP 13 bn. was invested in the program of cleaning, decoration and environment improvement. promising future outlook. This effectively contributed to selling the offered bonds about 50 basis points • A number of projects concerned with minimizing climate change impact on different sectors and protecting lower at just 5.25% instead of the 5.75% yield that was initially offered for investors. the ozone layer were carried out, costing approximately US$ 42.1 MM. In that vein, it is worth mentioning that the offering has been successful even without making any investor Green bonds roadshow given the Covid-19 pandemic's travel restrictions. Many video-conference meetings were held a Green bonds issuance value USD bn. Green bonds are debt instruments created to fund few days prior to the offering date, bringing together the top leading 30 investors and international funds in the area of sustainable finance. The meetings aimed to inform such investors and funds of the latest eco-friendly projects, which globally debuted in 212.0 2008. Afterwards, they were increasingly issued 150.0 economic performance developments; respond to their inquiries about Egypt's green bond framework and to amount to US$ 212 bn. in 2019 up from US$ the latest indicators; and also brief them on the government's precautionary measures to deal with the 150 bn. in 2018, growing by 41.3%. In this regard, "pandemic" spillovers. More than 100 investors had access to the pre-marketing presentation. France was the world's leading issuer of green bonds with EUR 7 bn. in 2019, followed by the Netherlands •Signing a technical assistance agreement with World Bank: with EUR 6 bn.
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