Cairo: Local Development and Environment Minister Manal Awad met with Ghimar Deeb, Deputy Resident Representative of the United Nations Development Program (UNDP), to discuss the creation of an Egyptian fund aimed at financing the protection of the Red Sea's coral reefs.

According to State Information Service Egypt, the proposed fund aims to attract long-term investment to support marine conservation and sustainable tourism. Minister Awad emphasized the importance of coral reefs to tourism, jobs, and the local economy, highlighting their vital role in these sectors.

The fund, which is a central outcome of the Egyptian Red Sea Initiative, plans to combine grant financing for conservation projects with an investment portfolio designed to mobilize private capital. This approach seeks to promote economic activities that are friendly to reef ecosystems.

Deputy Resident Representative Deeb expressed that the fund would align with Egypt's biodiversity goals, diversify environmental financing, and stimulate greater private-sector investment. The initiative underscores a collaborative effort to enhance environmental sustainability and economic vitality in the region.