UK-funded CFA Egypt to support 9 low-carbon climate projects in Egypt
Updated 1/1/2023 9:18:00 AM
Arab Finance: The UK-funded Climate Finance Accelerator (CFA) Egypt has selected nine innovative low-carbon climate projects from across Egypt to form its first cohort to receive technical and financial support to help them attract needed investments, according to a press release issued on January 17th.
The nine projects were chosen out of almost 50 applications in the renewable energy, waste, blue economy, agriculture, and manufacturing sectors.
The projects are namely, Al Dawara, Creative Power Solutions, Farmtopia, Green Fashion, IRSC for Renewable Energy Solutions, ReNile, Tile Green, and Ze3i.
The projects will be supported with individual needs assessment discussions and analysis from a financial, technical, and gender equality and social inclusion perspective to ensure being in the best position to attract investment.
They are expected to benefit Egyptian communities in terms of pollution reduction, provision of job opportunities, and support of food and farm security, technological improvement, access to energy, effective waste management, sustainable manufacturing, and gender equality and social inclusion.
The CFA Egypt will also provide one-off capacity building to bolster the Climate Resilience Fund with a possibility of future partnership with them.
This represents $25 million fund that will inject pre-seed funding into Egyptian sustainable agriculture and nature-based solutions to climate crisis.
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