Egypt's PM, Green Climate Fund launch Climate Investment Plan

Ahram Online , MENA , Wednesday 9 Nov 2022

Prime Minister Mostafa Madbouly and the Green Climate Fund (GCF) launched on Wednesday Egypt's Climate Investment Plan to accelerate the country's climate action through investment planning.

Egypt s PM


The plan was launched during an event held on the sidelines of COP27 in the presence of the Executive Director of the GCF Yannick Glemarec and President of the European Bank for Reconstruction and Development Odile Renaud-Basso.

Madbouly said Egypt, backed by the GCF and other partners, designed the plan to ensure the sound implementation of the National Strategy for Climate Change 2050 launched in May.

The strategy is a twin scheme meant to support a stronger and greener economy with an eye on renewable energy, transportation, agriculture, and water resources.

Madbouly asserted the necessity of rallying private sector efforts to fund green projects and renewable energy ventures, adding that the government offers incentives to the private sector.

The prime minister said earlier on Wednesday, during the Finance Day organised by the Egyptian Ministry of Finance in the COP27 Blue Zone, that cooperation between governments, civil society, the UN, and international organisations is the shortest way to ensuring success in combating climate change.

President of the World Bank David Malpass, IMF Managing Director Kristalina Georgieva, Renaud-Basso, and other high-level officials attended the Finance Day event.



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