Egypt: African Development Bank approves $345 million in partial credit guarantees to bolster funding for green and social initiatives

The Board of Directors of the African Development Bank Group has approved a Partial Credit Guarantee of $345 million equivalent in Renminbi to Egypt to increase access to the Panda bond market to finance green and social projects.

The Bank Group’s partial credit guarantee will allow Egypt to raise the equivalent of $500 million in the Panda Bond market, which are bonds denominated in Chinese yuan issued by foreign borrowers.