Environment Minister Yasmine Fouad said Friday that Egypt, despite coronavirus pandemic, managed to issue green bonds and devise a schematic system to ensure increasing the governmental financing to the green projects.

Fouad’s remarks came during her participation in a session on promoting investment in ecosystem-based adaptation and disaster risk reduction, loss and damage amid the “Road to COP27: The Africa Regional Forum on Climate Initiatives to Finance Climate Action and the SDGs,” which kicked off in Addis Ababa on Tuesday and runs until Thursday.

The forum is one of five regional roundtables Egypt will be holding over the coming two months as the president of the 2022 UN Climate Change Conference (COP27) in an unprecedented initiative to catalyze investments in different climate sectors.

Fouad explained ways of financing the adaptation projects in Egypt as part of the national strategy for adaptation, which was upgraded and linked with the 2050 national strategy for climate change.

The minister pointed out that financing the adaptation projects came in two ways, either by the direct governmental financing or through grants, like the other African countries.

Source: State Information Service Egypt