Egypt Secures Green Climate Fund Support for Climate Resilience, Sustainable DevelopmentSource: www.export-egypt.com 10/28/2024, Location: Africa |
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The Ministry of Planning, Economic Development, and International Cooperation has announced the approval of three major financing programs by the Green Climate Fund (GCF) to drive climate change mitigation and adaptation efforts.
The initiatives will benefit Egypt and multiple countries across Africa, Asia, and Eastern Europe, implemented in collaboration with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). One of these initiatives, the Resilient Water Infrastructure Facility, is a $1.26 billion program, with $258 million provided by the GCF through concessional loans, guarantees, and technical support. Designed to enhance Egypt's private sector capabilities, this facility targets improvements in water infrastructure, wastewater treatment, and water loss reduction. The GCF has also approved the Green Transformation Program in Financial Systems, a partnership with the EBRD, providing nearly $1.3 billion (including $200 million from the GCF). This program spans 14 countries, including Egypt, and seeks to expand green financing options through financial innovation, strengthening institutions across diverse sectors. Additionally, the Smart Resilient Agriculture Investment Fund was approved, delivering $130 million to support smallholder farmers in Egypt and nine other countries. This program promotes sustainable agricultural practices, uplifts rural incomes, and enhances the agricultural sector’s climate resilience. |
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