Dr. Manal Awad, Egypt’s Minister of Local Development and Acting Minister of Environment, announced that the Green Climate Fund has approved allocating $50 million from the Novastar Investment Fund to support climate-focused technologies in Egypt’s agriculture sector. The decision was made during the 43rd session of the fund held in Incheon, South Korea.
The Novastar Investment Fund III, a $200 million equity fund, is designed to mobilize financing for climate projects across five African countries, with Egypt as a leading beneficiary. Of this, $50 million will be directed specifically to Egyptian companies working in climate technology, focusing on three key areas:
- Services enhancing resilience and adaptability in agriculture.
- Clean technologies to reduce carbon emissions in economic growth.
- Innovative climate technologies for efficient natural resource management.
Dr. Awad emphasized that the fund aims to support startups and growth-stage companies that are advancing sustainable and inclusive development in Africa. “Providing capital to companies operating in climate technology is essential to expand their investments in emission reduction and climate adaptation,” she stated.
The Novastar Investment Fund seeks to establish a robust innovation ecosystem in climate technology by engaging stakeholders and mobilizing private capital, aiming to deliver both climate resilience and financial returns.
This initiative will help scale affordable, market-ready climate solutions in Egypt, one of the countries most vulnerable to the impacts of climate change. It also highlights Egypt’s commitment to integrating innovation, private sector engagement, and financial resources to strengthen the climate resilience of key sectors.
