GCF approves $50m Novastar investment for Egypt’s climate-smart farming
Egypt will receive $50 million in equity financing from the Green Climate Fund (GCF) through Novastar Ventures Africa People and Planet Fund III to support climate-smart agriculture technologies, Acting Environment Minister Manal Awad announced on Tuesday.
The approval was granted during the GCF’s 43rd board meeting in Incheon, South Korea, as part of a wider $200 million investment programme that targets climate-focused projects across five African countries, including Egypt.
Awad said the $50 million allocation will be directed to Egyptian companies developing climate technologies in agriculture, focusing on three key areas:
- Adaptation and resilience services,
- Clean technologies to cut carbon emissions, and
- Innovative solutions for natural resource management.
The minister said the funding will help startups and growth-stage firms expand their investments in low-emission and climate-adaptive agriculture, stressing that access to capital is “crucial for scaling innovative climate solutions.”
Awad added that the initiative aims to transfer affordable, proven climate technologies from other markets and adapt them to local conditions, strengthening Egypt’s capacity to tackle climate risks and promote sustainable growth.
The Novastar Fund seeks to build a strong climate innovation ecosystem across the continent by engaging stakeholders and mobilising private-sector investment to achieve both climate resilience and financial returns.
Attribution: Amwal Al Ghad English