Egypt aims to increase the share of eco-friendly projects in budgets to 50% of general investments, Minister of Finance Mohamed Maait said in a statement on May 29th.

This will pave the way for new partnerships with the private sector, which will contribute to economic growth and create job offers, Maait highlighted.

The presidential initiative, under which obsolete cars that were manufactured 20 years ago would be replaced with new cars run by gas, will be launched within a few days in Sharm El Sheikh in accordance with the government’s efforts to face climate change and reduce CO2 emissions, the minister noted.

The initiative comes in line with the directives of President Abdel Fattah El-Sisi to achieve the green economy transition, in line with the ongoing preparations for hosting the 2022 United Nations Climate Change Conference (COP27) in Sharm El Sheikh next November, he stressed.