Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GCF approves financial aid of $2.687bn to Egypt, other countries
Published in Daily News Egypt on 26 - 10 - 2024

The Green Climate Fund (GCF) approved the financing proposals for the multi-country programmes: Greening Financial Systems, the Smart Resilient Agriculture Investment Fund, and the Resilient Water Infrastructure Expansion Facility, to finance these projects in a number of countries, including Egypt, with a financing package estimated at $2.687bn.

This came during the meeting of the Board of Directors of the Fund in Incheon, South Korea.

Egypt's Minister of Environment, Yasmine Fouad, explained that the approval to finance the Greening Financial Systems programme came as a result of continuous discussions with the European Bank for Reconstruction and Development, as the entity accredited by the Green Climate Fund since last November.

The programme provides financing of up to $1.295bn, of which the Green Climate Fund contributes $200m to implement the program in 14 Asian and African countries, including Egypt. The program provides beneficiary countries with a package of financing tools in the form of soft development loans and guarantees. The programme also provides a technical support grant of $100m.

Fouad explained that the programme aims to enhance the institutional capacity of Egyptian financial institutions to develop green financial products and align financial flows with the Paris Agreement, and enhance the possibility of obtaining affordable financing from financial institutions by providing a package of development financing, grants and technical support to Egyptian financial institutions to finance energy generation projects and facilitate access to them; low-emission transportation; health and well-being; food and water security; and infrastructure, which will contribute to achieving Egypt's goals in the updated nationally determined contributions.

The Minister pointed out the approval to implement the Smart Resilient Agriculture Investment Fund program in 10 African countries, including Egypt, with a financing package totaling $130m. The project aims to provide smallholder farmers with a mix of climate-smart, resilient solutions such as access to improved production inputs, including climate-resilient seeds; access to financing that will enable farmers to make continuous improvements to their farmland and invest in their production capacity; access to innovative insurance tools, particularly weather-related insurance, to improve resilience to climate shocks; access to climate-smart agricultural knowledge and extension services to improve their productivity; access to infrastructure, including irrigation and mechanization, to improve productivity; and access to premium markets to improve income and increase profitability.

She further added that the Smart Resilient Agriculture Investment Fund program contributes to achieving the second goal of the National Climate Change Strategy 2050, which is to enhance the ability to adapt and be flexible to climate change and mitigate its negative impacts through measures such as improving crop management systems, adopting water conservation efforts, producing hybrid crops that show high productivity and the ability to adapt to adverse weather conditions, protecting fisheries, and integrating biodiversity considerations into impact assessments, sensitivity, and adaptation to climate change.

The program will also serve to achieve the goals and priorities of the Ministry of Agriculture and Land Reclamation's strategy related to climate investment in the agriculture and food security sector. The GCF also agreed to obtain climate financing provided by the Water Resilient Infrastructure Expansion Facility program, which will provide access to financing packages of grants and soft development loans to be invested in 14 countries, including Egypt, estimated at $1.262bn, of which the GCF contributes $258m.


Clic here to read the story from its source.