Wed 12/March/2025 – 01:52 PM
The Ministries of Finance and the Environment emphasized that within the framework of implementing Egypt’s Climate Change Strategy 2050, and the national contributions plan 2030, the International Monetary Fund agreed to disburse new financing for Egypt under the Flexibility and Sustainability Fund, with an amount of $ 1.3 billion, within the package of structural reforms to support the implementation of the National Climate Change Strategy 2050, which was prepared by participation between a number of ministries and bodies concerned with the state and with the participation of the Central Bank Ambassador Mohamed Nasr, Egypt’s ambassador to Vienna and the chief negotiator of financing, representing the Ministry of Foreign Affairs and in coordination with the ministries of finance, planning, economic development and international cooperation, the environment, oil, electricity and energy, water resources and irrigation, and the Center for Support and Decision of the Council of Ministers.
Carbon reduce in Egypt
The Ministries of Finance and the Environment explained that the package of structural reforms to be implemented includes 10 structural reforms in 4 areas: accelerating the process of carbon reduction in Egypt, analyzing financial risk related to climate, enhancing data management and climate -related risks, building the ability to adapt, enhance the financial sector’s ability to flexibility in facing climate change and support climate financing, identifying, measuring and disclosing the effects of investment plans Programs and projects on national climate change goals. ”
The joint statement indicated that through cooperation between the ministries of finance and the environment and the central bank and with the full and tireless participation of all the aforementioned ministries, Egypt succeeded in obtaining this funding to support its efforts in implementing its obligations within the Paris Agreement to confront climate change, within the framework of its path towards a fair green transition, where it was agreed with the fund on a number of structural reforms that Egypt can implement, and also work to enhance Egypt’s position before the next climate conference. (COP30), in light of the rapid regional developments, and this interest confirms that the issue of climate change tops the priorities of the agenda of the political leadership, as an existential issue to ensure the sustainability of the planet, and enhances Egypt’s role in multilateral cooperation.
