Cairo: Egypt's Ministry of Planning, Economic Development and International Cooperation has announced that the nation is among seven countries selected to benefit from the Climate Investment Funds' (CIF) inaugural global concessional financing initiative aimed at reducing industrial emissions.

According to State Information Service Egypt, a high-level delegation comprising representatives from CIF, the European Bank for Reconstruction and Development (EBRD), the World Bank, the African Development Bank, and the International Finance Corporation (IFC) is currently in Cairo. Their visit aims to discuss the implementation of the program and evaluate Egypt's ongoing efforts to decarbonize its industrial sector.

Minister Rania Al-Mashat highlighted that the program will provide Egypt with up to $250 million in concessional financing and a $500,000 technical-assistance grant to support priority projects. This funding is expected to be complemented by additional investments from partner institutions. She emphasized that the initiative is in line with Egypt's strategy to expand blended finance opportunities, enhance green industrial competitiveness, and increase export capacity. The program also complements existing initiatives like the European Investment Bank-funded Sustainable Green Industries Program.