Environment Minister Yasmine Fouad said launching the Green Economy Financing Facility (GEFF) encourages the private sector to engage in funding climate projects.

Fouad’s remarks came during a speech she delivered on Tuesday, Jan. 31, on the occasion of initiating the (GEFF EGYPT II), by the European Bank for Reconstruction and Development and the Green Climate Fund.

 International Cooperation Minister Rania el-Mashat and EU Ambassador in Cairo Christian Berger attended the event.

The environment minister underlined the importance of restructuring the banking sector in Egypt to become more understanding of climate financing, as this issue faces challenges that are related to several sectors, particularly the energy sector, which is the largest emitter of carbon dioxide, as well as enhancing banks’ contribution to executing climate adaptation projects.

She stated Egypt seeks to support green transformation, by developing an integrated strategy for its waste management, along with providing incentives for investment into waste management, such as setting a tariff for converting waste into energy, as well as transforming the informal sector of waste management into an official one.

Fouad noted that Egypt introduced a package of green incentives for the priority sector, including renewable energy, green hydrogen, and waste management, in addition to finding alternatives to single-use plastic bags.

She stressed her ministry’s keenness to establish the green investment and climate unit to present new ideas and mechanisms for promoting green investments in Egypt, in cooperation with development partners and the banking sector, to execute the national strategies and plans on confronting the effects of climate change. 

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