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Egypt turns to green economy by implementing 691 projects at a cost of 447.3 billion pounds




The countries of the world began to turn to the green economy to reduce the environmental risks associated with the economy, and Egypt began to move towards interest in this type of economy as one of the important and main ways in the comprehensive development plans that take place on the homeland, through the implementation of many projects that are commensurate with the priorities Economic and environmental of the state.

 

The government has directed 14% of the total public investment for these projects in the 2020/2021 budget, as the cost of implementing 691 green projects in the fiscal year 2020/2021 plan amounted to 447.3 billion pounds.

 

Dr. Hisham Ibrahim, professor of finance and investment at Cairo University, said that Egypt began to enter the green economy, because the whole world began to shift towards a green economy, pointing out that Egypt offered green bonds worth $ 750 billion, pointing out that Egypt is the first country in the Middle East and North Africa to issue Government sovereign green bonds on global markets, valued at $ 750 million for a period of 5 years, while the total value of purchase orders on the issuance of government sovereign green bonds amounted to more than $ 3.7 billion, which contributed to reducing the rate of return to 5.25% instead of 5.75%.

 

Ibrahim explained that the green economy aims to establish environmentally friendly projects, produce environmentally friendly and sustainable products, reduce carbon emissions, reduce fuel costs, as well as improve the level of per capita income, create a new generation of environmentally friendly industry, and rely on technology and industrial intelligence.

 

Ibrahim pointed out that foreign funds are directed to this type of projects that serve the environment and comply with the requirements of a healthy environment, which ensures the success of projects that rely on the use of fewer, more efficient and effective resources and preserves the environment, pointing out that Egypt has started to direct towards these projects and has implemented many Of the national projects and the issuance of legislations and laws incentivizing investment in energy investment, given that the green economy, including the Benban project for solar energy and the Green Mountain, is based on renewable energy. Factories for the production of solar panels and the expansion of greenhouses were established in cooperation with Germany and the implementation of the electricity generation project with technology. Pumping and storage "Ataqa"


Ibrahim indicated that a national project is being implemented to produce gas from sanitation and use solar energy to reclaim one and a half million feddans, stressing that the government seeks to take advantage of the technological infrastructure and encourage the establishment of factories that operate with alternative energies and rationalize the use of traditional energy, and to produce environmentally friendly goods and products.

 

The government has directed 14% of the total public investment for these projects in the 2020/2021 budget, as the cost of implementing 691 green projects in the 2020/2021 fiscal year plan amounted to 447.3 billion pounds. Egypt's portfolio of eligible green projects amounted to $ 1.9 billion until September 2020, of which 16% are in the field of renewable energy, 19% in the field of clean transportation, 26% in the field of water and sanitation, and 39% in the field of pollution reduction.

 

As for the green projects that have been implemented and underway, regarding the field of renewable energy, the Benban Solar Energy Complex project has been implemented, with a total investment of more than $ 2 billion, and a total production capacity of 1465 megawatts.

 

The electricity generation project with pumping and storage technology "Ataqa" is being implemented, with a total cost of $ 2.7 billion, with a total production capacity of 2,400 megawatts, in addition to signing a contract worth 4.3 billion pounds to implement a wind power plant project in the Gulf of Suez, with a total production capacity of 250 megabytes. Wat.

 

In the field of transportation, the report highlighted that the electric train project is being implemented with a total cost of 1.2 billion dollars and 7 billion pounds, from which about 500 thousand passengers will benefit per day, in addition to the implementation of the Monorail project of the Administrative Capital and 6th of October with a total cost of 2.7 billion euros, which will benefit from it. About 650,000 passengers per day, according to the report, the number of cars converted to use with natural gas increased by 44.9%, to reach 325,000 cars in August 2020, compared to 224.3,000 cars in August 2016.

 

With regard to the field of water and sanitation, the report indicated that the implementation of the Bahr Al-Baqar drainage water treatment plant is underway, with a total investment cost of one billion dollars, and a targeted production capacity of 5.6 million cubic meters per day, as well as expansion of the sewage treatment plant in the Jabal Al-Asfar region with a total cost. The project will reach 7.8 billion pounds, with a capacity of one million m3 per day, expansions of the station to reach 3.5 million m3 per day by the end of 2023, while the seawater desalination plant in Al-Alamein has been implemented with a total of $ 150 million, with a production capacity of 150,000 m3 per day.

 

With regard to the area of ​​pollution reduction during the period from July 2014 until June 2020, the report showed that the cost of disposing and treating organic pollutants amounted to $ 6.7 million, within the framework of the sustainable management of persistent organic pollutants project. The cost of implementing projects to reduce the impact of different sectors also amounted to Climate change and the protection of the ozone layer reached 42.1 million dollars, while the total funding for the national solid waste management program reached 77.9 million euros.

 

In addition, 13 billion pounds were spent for the cleaning, beautification and environmental improvement program, 60 million citizens benefited. The cost of raising 150 million tons of daily generation and old accumulations within the solid waste system and raising accumulations reached 9 billion pounds.

 

It is noteworthy that green bonds began to appear globally in 2008, as the volume of issuance of these bonds during the year 2019 reached about 212 billion dollars, compared to 150 billion dollars in 2018, with a growth rate of 41.3%, and France is one of the largest countries in the world issuing these bonds. During the year 2019, with a value of 7 billion euros, followed by the Netherlands with a value of 6 billion euros.

 

Hala Al-Saeed, Minister of Planning and Economic Development, confirmed that there are financing incentives for ministries to go towards green projects, by giving priority in financing to the proposed projects in the guide, noting that the number of green projects included in the fiscal year 20/2021 plan is about 691 projects at a cost. A total of 447.3 billion pounds, with 36.7 billion pounds, representing 14% of the total public investments distributed in the plan, and it is intended to increase this percentage to 30% in the next year's 21/2022 plan.
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