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Fouad: Egypt has $10 bn climate-related investment opportunities for private sector
Environment Minister Yasmine Fouad said Egypt has about 30-million-dollar annual investment opportunities for the private sector until 2030 within the framework of confronting the fallout of climate change, especially in the fields of renewables, water desalination and agriculture.
Within the context of incentivizing private sector investments in the environmental domain, natural reserves revenues skyrocketed from EGP 100 million to 700 million over the past four years.
She highlighted the ministry’s efforts to promote 13 natural reserves as environmental tourist destinations, noting that the private sector was given the chance to have its own activities in the reserves.
She made the remarks during the opening session of the Second Egypt Business Solutions Summit which kicked off on Monday under the theme of “Fill the Gap”.
She said the private sector can through entrepreneurship, small businesses and powerful banking sector to contribute to climate-related investments in order to reduce risks and, hence, contribute to accelerating environmental action.
She highlighted that environmental action is not a luxury, however, it is a chance for reinforcing a strong economy.
She underlined the importance of the summit which focuses on making up for procedural, banking, legislative and technical gaps, in addition to introducing various initiatives to give momentum to small and medium-sized enterprises (SMEs), thus catalyzing national economy and the gross domestic product (GDP).
She noted that promoting environmental investment and removing obstacles facing investors represent a top priority for the ministry with an aim to enhance Egypt’s transition to green economy.
Fouad expounded that the environmental support for the economy focuses on three main axes, topped by changing the language used to address environmental issues over the past few years in line with directives of President Abdel Fattah El Sisi.
She said the ministry seeks to change the environmental sector from a service sector to an investment-incentive sector, thus playing an important role in sustainable and comprehensive economic development.
She highlighted the state efforts in supporting recycling economy through issuing needed laws to give a chance to the private sector to invest in waste management and turning waste to energy.
Fouad noted that a contract was signed to establish the first waste-to-energy station in Abu Rawash in collaboration with the private sector.
Confronting climate change, Egypt has been working over the past 10 years to expand the use of bikes in Cairo and a number of governorates.
She referred also to Egypt’s launch of the first platform for environmental and climate investment to lure green investments and open new vistas of promising investments in waste management, sustainable energy, eco-tourism, bio-based industries, agriculture and food production.
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