Egypt to benefit from UK’s £50 m funding for green growth

03 / 11 / 2021

By Marwa Nassar - -

Egypt is among countries due to benefit from the UK’s £50 million funding which is meant to support energy transition and green infrastructure and growth in the Middle East and North Africa.

British Minister for the Middle East and North Africa James Cleverly announced £50 million UK funding for the High Impact Partnership on Climate Action (HIPCA) which was launched by the European Bank for Reconstruction and Development (EBRD) on 2 November at an event during COP26 in Glasgow.

The EBRD-managed Partnership aims to unleash investments and solutions that reduce or prevent greenhouse gas emissions, strengthen resilience and reduce vulnerability to climate change, and protect the environment.

The UK’s funding will be used to mobilize private sector funds to support work across North Africa and the Middle East, including in Morocco, Algeria, Egypt, Tunisia, Jordan and Lebanon. This funding will be used to support energy transition and green infrastructure and growth in the region.

Announcing the funding at HIPCA’s launch event, Minister Cleverly said ” COP26 is not just about realizing the climate commitments of individual governments, it’s about working together to enable all countries to meet global net zero targets and reduce the impacts of climate change. To do this we must unlock public and private investment and push for innovative and green solutions.”

That’s why the UK is making a £50 million contribution to HICPA, whose work to mobilize funds and support green infrastructure projects in the Middle East and North Africa is vital for both economic growth and a greener future for the region.