Egypt to receive $1.2 billion from IMF’s sustainability facility for green financing

Egypt is set to receive $1.2 billion in green financing through the International Monetary Fund’s (IMF) Resilience and Sustainability Facility.

This came during a meeting between the Egyptian Minister of the Environment, Yasmine Fouad, and the IMF’s resilience and sustainability mission.

During the meeting, the two parties discussed cooperation mechanisms for environmental and climate policies.

Fouad stressed that this meeting was a continuation of the bilateral discussions with the IMF to enhance coordination and cooperation frameworks for environmental and climate policies in Egypt.

Fouad highlighted that in recent years, Egypt has been working to transform the conversation about the environment by connecting it to the economy and development.

The country has been actively seeking investment opportunities and turning environmental challenges into opportunities.

Additionally, Egypt has been involving the private sector and promoting the concept of a circular economy.

The IMF Egypt Mission Chief, Ivanna Vladkova Hollar, praised Egypt’s efforts in the climate field, including the country’s national climate strategy.

She stated that the cooperation with Egypt may involve developing capabilities to implement the National Climate Strategy 2050 and exploring appropriate financing mechanisms.

Additionally, the cooperation will focus on determining the impact of public finance on climate and its influence on investment.

Last March, Egypt ranked 22nd among 67 countries in the Climate Change Performance Index (CCPI) 2024, according to The Egyptian Cabinet’s Information and Decision Support Center (IDSC).

Egypt came in second place following Morocco in the Middle East and North Africa, the IDSC added in a statement.
Source: egypttoday.com