Arab Finance: The Egyptian Environmental Affairs Agency (EEAA), the Ministry of Foreign Affairs, and the United Nations Development Program (UNDP) have signed the document of "Transforming Financial Systems for Climate in Egypt" (TFSC Egypt), with a grant worth €1.5 million from the French Development Agency (AFD), according to a statement by Ministry of Environment on April 11th.

The signing was witnessed by Egyptian Minister of Environment Yasmine Fouad and the Regional Director of AFD for North Africa Mathieu Vasseur.

TFSC Egypt encourages national financial institutions to play a main role in increasing climate finance for local private investments.

The tripartite cooperation between the Egyptian government, AFD, and UNDP is a concrete and practical demonstration of how the international community can join forces to support the transition to a low-carbon economy and reinforce policies and capacities to benefit from both public and private funding sources to accelerate climate action, Alessandro Fracassetti, Resident Representative of the UNDP in Egypt, said.

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