Dr. Yasmine Fouad, Minister of the Environment, Ministerial Coordinator and Envoy of the Climate Conference, met with Lionel Rapaille, Director of the European Investment Bank – Neighboring Countries, and his accompanying delegation to discuss ways of joint cooperation to promote environmental investment in Egypt.
The minister praised the extended relations with the bank in supporting environmental work in Egypt and complementing them with many new partnerships to benefit from technical support and the bank’s expertise to enhance Egypt’s efforts to involve the private sector in environmental and climate investment.
Environment Minister: We cooperate with development partners in preparing investment packages for the private sector
The two sides discussed means of joint cooperation in preparing packages of investment opportunities for the private sector in the fields of environment and climate, including building the capacities of the banking sector in sustainable financing, investing in the fields of biodiversity and nature-based solutions, integrated waste management and converting waste into energy.
The two sides also discussed the latest developments in the agreement on implementing the Green Sustainable Industry Program (GSI) in cooperation with the Bank to support sustainable development in Egypt by providing soft financing packages for industrial facilities in the public and private sectors to finance green projects such as resource efficiency projects, recycling and clean energy projects, especially in intensive industries. Energy, with investments of 268 million euros.
The Minister of the Environment emphasized placing the environment and climate agenda among the priorities of the political leadership in Egypt, and the importance of the role of the private sector in implementing the goals and strategies set by the state to implement measures to protect the environment and confront the effects of climate change. Therefore, a number of measures have been taken to enhance the integration of the private sector and expand the base of partners from the authorities. Finance, including working to change the culture of the banking sector in Egypt with regard to financing climate projects and green projects, to be more able to adopt these projects and differentiate between them to implement national priorities, and to seize promising investment opportunities, which encourages the private sector to participate more, in cooperation with the Central Bank. Specialized units in sustainable financing are being established in all banks in Egypt to carry out this role.
The Minister of the Environment pointed out the establishment of a new unit within the Ministry for environmental investment and climate, aiming to come up with innovative ideas for investment in the environment and climate and support the participation of the private sector, in belief in the role of the private sector in implementing the specific national contributions plan, and in promoting investment in other areas such as ecotourism and the development of natural reserves. And integrated waste management, the possibility of cooperation with the bank in providing technical support to the unit.
The minister also referred to biodiversity as one of the important areas for Egypt, especially after Egypt’s efforts to prepare a draft general framework for biodiversity beyond 2020 within its presidency of the COP14 Conference on Biological Diversity, and keenness to involve the private sector in managing natural reserves and implementing ecotourism activities in a way that supports the tourism sector in Egypt. Egypt and integrating local communities, as we are currently working on implementing 4 projects in protected areas in Fayoum, South Sinai and the Red Sea, pointing to the possibility of cooperation with the Bank in biodiversity projects, preserving natural resources and implementing nature-based solutions by providing technical support in the field of implementation in cooperation with private sector.
In the field of waste management, the minister referred to the promising investment opportunities in benefiting from agricultural and solid waste, and the economy based on vital materials, especially after the issuance of the first waste management law in Egypt and its executive regulations, which defines the roles and responsibilities of each party, mechanisms for involving the private sector, and the relationship with Partners, as well as investment opportunities in the production of biogas, which are provided by the Bioenergy Corporation of the Ministry of Environment, by publishing models of various biogas units and encouraging startups in this field, and contributing to the presidential initiative, A Decent Life, to benefit from agricultural and animal waste to produce clean and cheap energy.
The minister added that Egypt is currently entering the field of producing energy from waste, after announcing the tariff for converting waste into energy, and preparing a package of projects in partnership between the public and private sectors. The first project to convert waste into electric energy will start soon in Giza.
For his part, the Director of the European Investment Bank praised Egypt’s efforts in the field of environment and climate protection, and joint cooperation with the Ministry of Environment in various fields, complementing it with promoting investment in the fields of environment and climate, implementing the initiatives launched at the COP27 climate conference, and including the private sector, pointing to the role of Banks in the face of the effects of climate change and the implementation of the obligations and requirements necessary for countries to cope.
