Egypt in talks with IMF to secure $1.2 Bln for environmental projects

CAIRO – 18 May 2024: Egypt has started discussion with the International Monetary Fund (IMF) to get 1.2 billion for environmental projects, announced the Egyptian Ministry of Environment on Saturday.

Minister of the Environment Yasmine Fouad presided over an extended meeting with the International Monetary Fund’s (IMF) resilience and sustainability mission at the Ministry of Environment’s headquarters in the Administrative Capital.

The meeting has initiated discussions for Egypt to secure 1.2 billion in environmental funding through the IMF's special support packages and to explore avenues for future collaboration in bolstering environmental and climate policies, the Ministry added.

Yasmine Fouad said that Egypt has embarked on a long journey of climate action, which began many years before it hosted the COP27 climate conference.

Egypt has established the National Council for Climate Change as an institutional entity to manage the climate file under the presidency of the Prime Minister. It aims to help Egypt develop its strategic path and implement many measures.

“Through collaboration with the Fund, we aim to build upon our national endeavors and draw from the experiences of comparable nations, such as Morocco and Bangladesh,” said Fouad.

She emphasized the significance of fortifying climate policies, particularly in light of the issuance of environmental sustainability standards and the government's commitment to progressively transition the public budget towards 100% allocation to green projects by 2030.

Additionally, she highlighted incentives in the realm of green hydrogen to foster greater participation from the private sector in renewable energy initiatives.