Orascom Development Egypt signed a $157 million concessional financing agreement with the International Finance Corporation (IFC) to promote green transformation in Egypt's tourism sector. The funding will support energy and water efficiency improvements and reduce greenhouse gas emissions (GHG) across several hotels in El Gouna on the Red Sea. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, lauded the agreement as a milestone for sustainable tourism in Egypt. She noted that the financing would enable a 50 per cent reduction in non-renewable energy consumption and at least a 20 per cent decrease in water usage at the hotels. The initiative aligns with Egypt's climate goals, which aim to reduce GHG emissions by 33 per cent in the energy sector, 65 per cent in oil and gas, and 7 per cent in transport by 2030. These efforts are part of Egypt's broader strategy to expand renewable energy capacity and enhance energy efficiency. Tourism and hospitality remain key drivers of Egypt's economy, contributing 9.9 per cent to GDP growth in the 2023/2024 fiscal year. Attribution: the Egyptian Cabinet Subediting: M. S. Salama
