The Ministry of Investment and Foreign Trade has strengthened coordination with the Ministry of Foreign Affairs, International Co-operation and Egyptians Abroad to mobilise international financing for Egypt’s green transition, enhance the competitiveness of the national economy and increase the readiness of Egyptian exports to meet evolving global environmental standards.
Minister of Investment and Foreign Trade Mohamed Farid met on Wednesday with Assistant Minister of Foreign Affairs for Climate, Environment and Sustainable Development Ambassador Wael Aboulmagd and Assistant Minister of Foreign Affairs for Multilateral Economic Affairs Ambassador Tamer Moustafa to discuss mechanisms for directing international financing towards priority projects, strengthening government coordination on green finance initiatives and aligning national investment priorities with the state’s sustainable development objectives.
The meeting emphasised the importance of adopting a unified national vision among relevant government entities to maximise the utilisation of international and domestic financing, preserve the state’s right to determine its development priorities and strengthen co-operation with international financing institutions and development partners.
MinisterFarid said the ministry is working to direct international financing towards priority projects that enhance the competitiveness of the Egyptian economy, support the transition to a green economy, maximise the added value of national industries and create an investment environment capable of attracting sustainable investments.
Participants reviewed proposals to reduce the carbon footprint of emissions-intensive industries, particularly the fertiliser and aluminium sectors, through investments in supply chain development.
They also discussed expanding wastewater treatment projects and using treatment sludge to produce organic fertilisers and biogas, as well as recycling sugar industry waste for use in cement manufacturing to reduce emissions and generate added economic value.
The meeting explored the establishment of a national framework for financing green transformation projects, including the creation of a specialised investment fund under the umbrella of the Sovereign Fund of Egypt or through an existing investment fund to mobilise financing for priority projects.
It also considered forming a joint investment committee comprising relevant government entities to evaluate projects, enhance institutional coordination with international financing institutions and promote green investment opportunities.
Discussions further covered leveraging international carbon markets, issuing and trading carbon certificates, strengthening the domestic carbon market and accelerating emissions reduction measures to maintain Egyptian exports’ access to European markets.
Participants also examined ways to facilitate private sector companies’ access to international financing programmes for green transformation projects.
