Egypt and the United Nations Development Programme (UNDP) inked a project document for Transforming Financial Systems for Climate in Egypt (TFSC Egypt) through a grant from the French Development Agency (AFD) worth 1.5 million Euros.
The signing ceremony was held on Tuesday and was attended by the Egyptian Minister of Environment Yasmine Fouad, AFD’s regional director for North Africa Mathieu Vasseur, and the United Nations Development Program (UNDP) representative in Egypt Alessandro Fracacetti.
In a statement, Vasseur indicated that the agency has been working on achieving the outcomes of the Paris Agreement for more than five years.
On this basis, they approved more than 30 billion euros globally to support climate financing, highlighting that the amount allocated for adaptation has increased by 10 billion Euros, he noted.
Meanwhile, the Egyptian minister hailed the project as an important building block in building the climate finance system in Egypt and a milestone in climate action and the implementation of the National Climate Change Strategy 2050."
In the same context, Fouad explained: "The project will contribute to advancing the national measures recently taken by Egypt about climate change, including efforts by the Ministry of Environment to ensure that national banks integrate the environmental dimension into their projects."
The minister also shed light on the cooperation with the Central Bank of Egypt in building a climate finance system in Egypt, citing the CBE’s decision to oblige all banks to establish specialized climate units by the end of April 2023.
It's worth mentioning that the TFSC Egypt is a result of Egypt’s fruitful cooperation with development partners (AFD and the Green Climate Fund) over six years to support the financial systems for climate and help national banks adopt climate change-linked projects in different domains, including new and renewable energy.
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