Egypt eyes opportunity for climate finance with Africa’s first green Panda bond

  • 📰 TheAfricaReport
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 55%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Panda bonds could help Africa diversify away from traditional dollar-denominated debt for green projects.

Egypt’s Prime Minister Mostafa Madbouly and Chinese President Xi Jinping shake hands at the Belt and Road Forum in Beijing on 19 October, 2023.

Panda bonds could help Africa diversify away from traditional dollar-denominated debt for green projects. Egypt has issued the continent’s first green Panda bond. The three-year bond worth RMB3.5bn shows how green Panda bonds could unlock investment for Africa’s sustainable energy drive and help the continent diversify away from the over-reliance on dollar-denominated debt that has left 25 African countries in debt distress.

“Green Panda bonds … are an innovative form of climate finance at a time when Africa desperately needs access to more of it,” Dr Mandira Bagwandeen, specialist in Africa-China relations at the University of Cape Town, tells“Egypt’s green Panda bond speaks to China’s support to help diversify climate financing channels for African nations,” Bagwandeen says.There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.Ethiopia: Hard currency shortages hamper solar power potentialA UK Court has dismissed allegations of corruption against Olasupo Shasore and criticised the Nigerian government’s attempt to cast aspersions on the ...

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 29. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa Fact of the Day: South Africa has Africa’s richest companiesAfrica Fact of the Day features the most wonderful and weird facts about the history and culture of the African Continent.
Source: TheSAnews - 🏆 25. / 59 Read more »