The Ministries of Finance and Environment confirmed that, within the framework of the implementation of Egypt's Climate Change Strategy 2050 and the Nationally Determined Contributions Plan 2030, the International Monetary Fund has approved the disbursement of new funding to Egypt under the Resilience and Sustainability Fund, in the amount of $1.3 billion, as part of a package of structural reforms to support the implementation of the National Climate Change Strategy 2050

The Ministries of Finance and Environment confirmed that, within the framework of the implementation of Egypt's Climate Change Strategy 2050 and the Nationally Determined Contributions Plan 2030, the International Monetary Fund has approved the disbursement of new funding to Egypt under the Resilience and Sustainability Fund, in the amount of $1.3 billion, as part of a package of structural reforms to support the implementation of the National Climate Change Strategy 2050 , which was prepared jointly by a number of ministries and concerned authorities in the country with the participation of the Central Bank, Ambassador Mohamed Nasr of Egypt in Vienna- Chief Financing Negotiator representing the Ministry of Foreign Affairs and in coordination with the Ministries of Finance, Planning, Economic Development, International Cooperation, Environment, Petroleum, Electricity and Energy, Water Resources and Irrigation, and the Support and Decision Making Center of the Council of Ministers.

 

The Ministries of Finance and Environment explained that the planned structural reforms package includes ten structural reforms in four areas: “Accelerating the process of carbon reduction in Egypt, analyzing climate-related financial risks, enhancing climate-related data and risk management, building resilience, enhancing the resilience of the financial sector in the face of climate change, supporting climate finance, and identifying, measuring, and disclosing the effects of investment plans, programs, and projects on national climate change goals.”

 

The joint statement pointed out that through cooperation between the Ministries of Finance and Environment and the Central Bank and with the full and diligent participation of all the aforementioned ministries, Egypt has succeeded in obtaining this funding to support its efforts in implementing its commitments under the Paris Agreement to address climate change, within the framework of its path towards a fair green transition, as it was agreed with the Fund on a number of structural reforms that Egypt can implement, as well as working to strengthen Egypt's position ahead of the upcoming Climate Conference (COP30), in light of the accelerating regional developments. This interest confirms that the issue of climate change is at the top of the political leadership agenda, as it is an existential issue to ensure the sustainability of the planet, and enhances Egypt's role in multilateral cooperation.