According to the ministry’s statement, the launching event also announced plans to establish the Egyptian Fund for Coral Reefs (EFCR), an innovative future mechanism designed to attract long-term investments and support sustainable financing.
During the ceremony, Awad said the ERSI stems from national priorities and serves as a practical implementation platform, stressing that protecting coral reefs also means protecting local communities and enhancing their resilience.
She further emphasized that sustainable financing through the new Egyptian fund represents the real guarantee for preserving this unique natural heritage.
The initiative, which is entirely Egyptian, aligns with the state's vision to conserve biodiversity, improve the management of protected areas, support coral reef monitoring programmes, and expand the buoys network.
It also seeks to preserve the sustainable blue economy by balancing investment expansion with environmental commitments along the governorate's coastline, thereby safeguarding the livelihoods of coastal communities linked to the Red Sea.
The initiative also aims to combine development goals with environmental conservation, integrate local communities by empowering residents as active partners in conservation efforts, and promote community-based ecotourism rather than merely treating them as beneficiaries.
It will be implemented through integrated international partnerships in cooperation with the United Nations Development Programme (UNDP) and will receive support from the Global Fund for Coral Reefs.
The ceremony, held as part of the World Environment Day’s celebrations, was attended by Red Sea Governor Walid Al-Barqi, the UNDP Resident Representative in Egypt Chitose Noguchi, as well as representatives from the Ministry of Tourism and Antiquities, civil society, and the private sector.
The Red Sea's coral reefs are vital ecosystems that provide sustenance and shelter for countless marine organisms.
Egypt implements various measures to protect its coral reefs, which contribute to a vibrant reef tourism sector, including installing buoys to prevent vessels from anchoring in fragile areas.
The ERSI was first unveiled in 2022 at the 27th UN Climate Change Conference (COP27) in Sharm El-Sheikh, where the preservation and restoration of coral reefs in the Red Sea was a focal point during discussions.
The United States Agency for International Development (USAID) has pledged an initial $15 million to support this initiative.
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