By Sama Marwan,
The Ministries of Finance and Environment have confirmed that, as part of Egypt’s Climate Change Strategy 2050 and its Nationally Determined Contributions (NDC) Plan 2030, the International Monetary Fund (IMF) has approved new funding for Egypt under the Resilience and Sustainability Facility (RSF) worth $1.3 billion. This funding is part of structural reform measures aimed at supporting the implementation of the National Climate Change Strategy 2050. The strategy was developed in collaboration with multiple government ministries and agencies, including the Central Bank of Egypt, Ambassador Mohamed Nasr (Egypt’s ambassador in Vienna and lead climate finance negotiator representing the Ministry of Foreign Affairs), and coordinated with the Ministries of Finance, Planning and Economic Development, International Cooperation, Environment, Petroleum, Electricity and Energy, Water Resources and Irrigation, and the Cabinet’s Decision Support Center.
The Ministries of Finance and Environment clarified that the structural reforms to be implemented include 10 key structural measures across four main areas:
- Accelerating carbon reduction efforts in Egypt
- Analyzing climate-related financial risks
- Enhancing climate data management and risk assessment, as well as adaptation capacity
- Strengthening the financial sector’s resilience to climate change and supporting climate finance
- Identifying, measuring, and disclosing the impacts of investment plans, programs, and projects on Egypt’s national climate change goals
The joint statement emphasized that, through collaboration between the Ministries of Finance and Environment, the Central Bank of Egypt, and the full participation of all relevant ministries, Egypt successfully secured this funding to support its commitments under the Paris Agreement on climate change. This initiative aligns with Egypt’s just green transition strategy and its preparations for the upcoming COP30 Climate Summit. Given the rapidly evolving regional developments, this move underscores the high priority that climate change holds on Egypt’s political leadership agenda as a vital issue for planetary sustainability and reinforces Egypt’s role in multilateral cooperation on climate action.
