Minister of Local Development and Environment Manal Awad stressed the vital environmental and economic importance of Egypt’s coral reefs, saying their protection is essential not only for biodiversity conservation but also for sustaining tourism, employment and economic activity along the Red Sea coast.
Minister Awad made these remarks during a meeting on Tuesday with UNDP Deputy Resident Representative Ghimar Deeb, to discuss mechanisms for establishing the Egyptian Coral Reef Protection Fund, one of the key strategic outcomes of the Egyptian Red Sea Coral Reef Initiative (ERSI).
Awad reviewed various scenarios for establishing the fund, which is intended to serve as a long-term financing platform for coral reef conservation and sustainability. The fund would aim to protect this critical natural asset while supporting sustainable development by financing coral reef restoration, rehabilitation and expansion.
The minister underscored that coral reefs are not merely an environmental asset, but also a key pillar of tourism, employment and economic activity along the Red Sea coast.
She added that establishing the Egyptian Coral Reef Protection Fund would help attract long-term investment to support conservation, protection and sustainable tourism, reflecting Egypt’s growing focus on sustainable financing as a means of ensuring the continuity of marine environmental protection programmes.
During the meeting, UNDP representatives outlined the proposed objectives of the fund, including expanding conservation efforts in line with Egypt’s national biodiversity commitments, strengthening corporate and community responsibility, narrowing the financing gap and diversifying funding sources through the development of a sustainable financing ecosystem.
The fund would operate according to principles designed to ensure alignment with national priorities and an effective state role in its governance and management, while maintaining balance, independence, transparency and sound governance. The framework would also seek to adapt successful international practices to Egypt’s national and local context.
