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Egypt is keen to combat climate change: Environment Ministry - Daily News Egypt

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Egypt is keen to combat climate change: Environment Ministry

Draft of €150m Transformative Climate Finance Systems project ready

Egypt’s Minister of Environment Yasmine Fouad said, on Monday, that Egypt is keen to combat the climate change.

Fouad also said that one of the state’s efforts in this regard is the completion of the interactive map project for the risks of climate change on Egypt.

The project will be carried out in three phases in cooperation with the Military Survey Department, the Egyptian Meteorological Authority (EMA), and the Water Research Center. It aims to help decision-makers identify areas exposed to potential risks from climate change, and to take the necessary measures in various development sectors, as well as to seize financing opportunities for adaptation.

Fouad added that her ministry has prepared the final draft to commence the Transformative Climate Finance Systems project. It aims to provide long-term loans and technical support to small- and medium-sized enterprises (SMEs).

The project is co-financed by the French Development Agency (AFD), and the Green Climate Fund, at a cost of €150m, through AFD co-financing. It aims to finance investments that meet the eligibility criteria, which will be determined through a pre- formulation study.

The Transformative Climate Finance Systems project will focus on four sectors, namely sustainable tourism, waste management, water and sanitation, and transportation. Some banks working in the Egyptian market will run the project.

Moreover, the AFD will also provide a grant of €1.5m to change the patterns present in Egypt’s banking sector. This will help them undergo a shift following the announcement by international development banks regarding the non-financing of projects that directly affect and intensify climate change.

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