Cairo – Mubasher: Egypt has obtained the Green Climate Fund’s (GCF) approval to finance three projects with up to $350 million, minister of environment Khalid Fahmy told Almal News.
These projects included a programme to expand climate finance in coordination with the Ministry of Electricity and Energy to reduce emissions in the form of a soft loan to be obtained by the private sector to enter the field of renewable energy, Fahmy added.
The GCF to fund Egypt with $154.7 million as part of the renewable energy financing framework, he highlighted.
The minister stressed that these project will replace the traditional resources of energy with the new renewable energy to reduce emissions.
It is worth mentioning that the GCF’s board 18th meeting is being hosted by Egypt in Cairo for three days.
