EU pledges $7.92bln to back Egypt’s green economy initiatives

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Egypt’s Minister of Environment, Yasmine Fouad, convened with Sophie Vanhaeverbeke, Deputy Ambassador of the European Union to Egypt, Anne Schouw, Deputy Head of the European Union Delegation, and representatives from various European firms. The discussion centred on collaborative approaches to foster policies that promote the green economy.

The European delegation committed to providing €7.4bn in support of Egypt’s green economy policy development, aiming to bolster private sector engagement. Minister Fouad emphasized Egypt’s commitment to a fair and inclusive green transition, considering both economic and social factors.

Minister Fouad highlighted Egypt’s innovative strategies for merging environmental and economic objectives. Notable achievements include an integrated management model for natural reserves, which incorporates private sector service provision and local community involvement in reserve development and management. Additionally, Egypt has established a framework for pollution reduction and sustainable natural resource management from an economic standpoint.

Addressing potential collaborations, Fouad outlined the development of a policy report on private sector participation in environmental conservation. Given the challenges faced by eco-tourism and nature-related enterprises in securing banking support, Egypt is designing a new initiative with the European Bank for Reconstruction and Development (EBRD) and the French Development Agency. This program aims to create a nature fund in partnership with a national bank, mitigating investment risks in nature-based solutions.

Lastly, the Minister expressed her hope to designate the Red Sea coral reef ecosystem as a protected area, citing recent studies that identify it as one of the last regions on Earth resilient to climate change impacts.