Environment Minister Yasmin Fouad and the French Development Agency’s (AFD) Regional Director for North Africa, Mathieu Vasseur, witnessed the signing of a document of the Transforming Financial Systems for Climate (TFSC) in Egypt (TFSC Egypt) project.

The project is carried out in coordination between the Egyptian Environment Affairs Authority (EEAA), the Foreign Ministry, and the United Nations Development Program (UNDP) with a 1.5 million Euro grant from the French Development Agency (AFD). TFSC aims to support Egyptian financial institutions in adopting a climate finance strategy and tools to include climate change in its current loan appraisal procedures.

Fouad said that the project contributes to realizing the goals of COP27 and implementing the National Climate Change Strategy 2050, among others.

The minister also added that they are keen to have a more effective role in supporting the climate finance issue and announced a new unit in the Ministry of Environment and climate investment last month. The unit aims to create links between banks and investors and help entrepreneurs and small investors to formulate innovative ideas and projects related to climate investment. 

She also pointed out that this project will support the new unit and integrate climate finance in banks which will contribute to more climate investments in Egypt.

The AFD regional director said the agency aims to enforce the Paris Agreement on climate change for more than five years and agreed to grant over 30 billion euros to back climate action worldwide.