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Green Climate Fund approves some USD 2.7 bn in funds for three programs in Egypt and other countries: The Green Climate Fund (GCF) has approved funding proposals for three multi-country sustainable development programs, unlocking USD 2.7 bn for programs across 14 countries — with Egypt set to be included in all three, according to an Egyptian Environment Ministry statement. The funding includes:
#1- USD 1.3 bn for greening financial systems in 14 countries across Asia and Africa. This funding will help participating countries unlock access to green financial products and technical support grants.
#2- USD 1.3 bn for expanding water resilient infrastructure across 14 countries, which will disburse funds for high-tech and energy efficient improvements to water infrastructure.
#3- USD 130 mn for an investment fund for resilient agriculture in 10 African countries, which will fund small farmers’ adoption of “climate-smart solutions” and ensure they have access to ins., infrastructure investment financing, and more sustainable inputs.
GCF 💚 Egypt: GCF and EBRD each extended credit lines totaling USD 50 mn to finance the 500 MW Gulf of Suez wind farm in Ras Ghareb last year. GCF also loaned USD 3 mn of concessional finance to Crédit Agricole to support small businesses’ green investments in Egypt in August. Egypt is also looking at the fund to finance some of its national hydrogen strategy projects.
