Local media sources stated that Golden Coast Company, a subsidiary of Golden Pyramids Plaza is considering and studying the possibility of releasing its first green sukuk (Islamic bond) in Egypt.
According to Amwal Al Ghad’s website, the media reports also mentioned that the 8 billion Egyptian pounds ($259 million) issuance will be used to fund a project by Golden Coast in the Red Sea port of Soma Bay.
The firm is currently putting together all the paperwork necessary to have the issuance approved by the Egyptian Financial Regulatory Authority (FRA), the report added.
Al-Ahly Pharos will serve as the issuance’s promoter and financial advisor, and Al-Derini and Co. will serve as the legal advisor.
It should be noted that, in 2021, the Commercial International Bank (CIB) issued a single green bond with a $100 million face amount, with the International Finance Corporation (IFC) completely subscribing to finance projects to aid in the transition to a low-carbon economy.