Egypt: The Minister of Environment Yasmin Fouad has recently participated in the launch of the Green Economy Financing Facility in Egypt GEFF with the support of the Green Climate Fund Under the title “Effective Partnerships to Support Green Transformation in Egypt”.
As per the updates, Minister Yasmin Fouad has stated that Egyptian authorities have worked to create a supportive climate for climate financing by developing strategies and organized procedures and encouraging development partners and the private sector.
In her remarks, Environment Minister Yasmin Fouad confirmed that the launch of this annex is an inspiring story and product of 6 years of hard work and dedication since work began on climate financing design in Egypt to move forward in encouraging the private sector to participate in financing climate projects.
Yasmin Fouad, Minister of Environment, delivers a speech at the launch of the GEFF EGYPT II Green Economy Financing Facility in the presence of Dr Rania Al-Mshat, Minister of International Cooperation and Ambassador Christian Berger, EU Ambassador to Egypt, implemented by the European Bank for Reconstruction and Development, the European Union, and the Green Climate Fund (GCF) entitled “From the Pledges to Implementation – boosting green financing” in Egypt.
During the speech, the Minister of the Environment pointed out “The importance of restructuring the outlook of the banking sector in Egypt to become more understanding of climate financing because climate financing, with its mitigation and adaptation projects, faces specific challenges in several sectors such as the energy sector in general”.
Furthermore, Minister Fouad noted that “Creating a supportive climate for the climate financing process requires all partners to meet around the same table, especially the banking sector, noting that over the past seven years, Egypt has defined several requirements to create this climate”, first of which is to find funding capable of understanding the changing outlook on the environment at the national level”.
“The feats and accomplishments that Egypt has achieved is a milestone that founded the Egyptian journey to build a climate financing system, which began with the support of the Green Climate Fund by making significant contributions in Egypt”, explained Minister Fouad.
Moreover, Yasmin Fouad also pointed out the shift in the environment sector’s view of the industrial sector from reducing pollution and environmental standards to achieving resource efficiency.
In addition, the Minister emphasized the Ministry of Environment’s keenness in launching the Green and Climate Investment Unit to reach new ideas and mechanisms to promote green investment in Egypt, in cooperation with development partners and the banking sector, to proceed with the implementation of our strategies and actions to counter the impacts of climate change.
It is noteworthy that the European Bank presents Egypt’s green economy financing program for Reconstruction and Development (GEFF) in cooperation with the French Development Agency (AFD) and the European Investment Bank (EIB).
“The programme offers private sector funding and consultancy to improve competitiveness through high-performance technologies and practices, supporting Egypt’s transformation to a green economy with funding of €140 million for energy efficiency and small-scale renewable energy investments”, concluded Yasmin Fouad.