Egypt secures $2.687b for sustainability projects

Egypt secured approval from the Green Climate Fund (GCF) for $2.687 billion in funding to support significant environmental programmes across multiple countries, Environment Minister Yasmine Fouad announced.

The funds will support three major initiatives: green finance, climate-smart agriculture, and resilient water infrastructure. The announcement came during the Fund’s 40th board meeting in Incheon, South Korea.

The Green Finance Programme, developed in partnership with the European Bank for Reconstruction and Development (EBRD), will provide $1.295 billion for 14 countries, including Egypt, with $200 million contributed by the Green Climate Fund.

This programme aims to boost local financial institutions’ green finance capabilities by offering concessional loans, guarantees, and a $100 million technical assistance grant.

The Climate-Smart Agriculture Fund, with a budget of $130 million, will help smallholder farmers adopt climate-resilient practices, including weather-resistant seeds and insurance solutions.

This programme aligns with Egypt’s 2050 Climate Strategy to strengthen climate resilience and food security.

The Resilient Water Infrastructure Facility, funded at $1.262 billion, of which $258 million is from the Green Climate Fund, addresses water scarcity and climate resilience in Egypt.

Through advanced water infrastructure projects, this initiative, led by Egypt’s Ministries of Housing and Water Resources, seeks to reduce greenhouse gas emissions from water management systems.