Egypt has secured $1.3 billion from the International Monetary Fund (IMF) to advance its Climate Change Strategy 2050 and its Nationally Determined Contributions (NDC) Plan 2030, Ministries of Finance and Environment said in a joint statement on Wednesday. The IMF's executive board approved the funding on Tuesday under the Resilience and Sustainability Facility (RSF), marking a critical step in Egypt's journey toward a sustainable and climate-resilient economy. The ministries credited the achievement to extensive collaboration among key institutions, including the Central Bank of Egypt (CBE), Mohamed Nasr— Egypt's Ambassador to Vienna, and Chief Financing Negotiator from the Ministry of Foreign Affairs; and various state agencies. The strategy will entail a structural reform agenda focused on four key areas: * Reducing Carbon Emissions: Accelerating Egypt's transition to a low-carbon economy. * Managing Climate-Related Financial Risks: Strengthening economic resilience to environmental challenges. * Enhancing Data and Risk Management: Improving climate-related data collection and analysis. * Boosting Financial Sector Adaptability: Ensuring the financial industry remains robust in the face of climate change. Additionally, the strategy also aims to expand climate finance and align investment plans with Egypt's national sustainability goals. The latest IMF support reaffirms Egypt's commitment to the Paris Agreement and a fair green transition while reinforcing its leadership in climate action ahead of the COP30 climate conference. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
