Egypt, AFD ink document on TFSC Egypt project

Environment Minister Yasmin Fouad and the French Development Agency’s (AFD) Regional Director for North Africa, Mathieu Vasseur, witnessed the signing of a document of the Transforming Financial Systems for Climate (TFSC) in Egypt (TFSC Egypt) project.

The signing ceremony, held on Tuesday, was also attended by Resident Representative of the United Nations Development Program in Egypt (UNDP) Alessandro Fracassetti, AFD regional director Clémence Vidal de la Blache and a host of respective officials.

The project is carried out in coordination between the environment affairs authority, the Foreign Ministry and the UNDP with a €1.5 million grant from the AFD.

The project is a result of Egypt’s fruitful cooperation with development partners (AFD and the Green Climate Fund) over six years to support the financial systems for climate and help national banks adopt climate change-linked projects in different domains, including new and renewable energy, Fouad said.

The minister added that the project contributes to realizing the goals of the 2022 United Nations climate change conference (COP27), recently hosted by Egypt, and implementing the National Climate Change Strategy 2050, among others.

The AFD regional director said the agency aims to enforce the Paris Agreement on climate change for more than five years and agreed to grant over €30 billion to back climate action worldwide.

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