This came during the Minister of the Environment, Yasmine Fouad, meeting with the IMF’s resilience and sustainability mission
Egypt is in discussions to obtain 1.2 billion in green financing through the International Monetary Fund’s Resilience and Sustainability Facility. This came during the Minister of the Environment, Yasmine Fouad, meeting with the IMF’s resilience and sustainability mission.
In the meeting, they discussed cooperation mechanisms for environmental and climate policies. Fouad stressed that this meeting comes as a continuation of the bilateral meetings with the IMF to discuss coordination and cooperation frameworks to enhance environmental and climate policies in Egypt.
Fouad mentioned 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.
IMF Egypt Mission Chief, Ivanna Vladkova Hollar, praised Egypt’s in the climate field, including the national climate strategy. She added that one form of cooperation with Egypt may involve developing capabilities to implement the National Climate Strategy 2050 and exploring appropriate financing mechanisms. Additionally, it consists of 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 the second place following Morocco in the Middle East and North Africa, the IDSC added in a statement.
