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

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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

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