Egyptian Minister of Environment Yasmine Fouad oversaw the signing of an agreement to launch the USD 14.25 million (EGP 691 million) Egyptian Red Sea Initiative (ERSI) on Tuesday, in partnership with the United Nations Development Programme (UNDP), the Global Fund for Coral Reefs (GFCR), and the United States Agency for International Development (USAID).
The signing ceremony was attended by Dr. Ali Abu Sunna,CEO of the Environmental Affairs Agency, Mr. Alessandro Fracasetti, UNDP Resident Representative in Egypt, Ambassador Hamdi Shaaban, Director of International Cooperation at the Ministry of Foreign Affairs, and Mr. Sean Jones, the Director of the USAID Mission in Egypt.
A ministerial statement by the Ministry of Environment announced that the USD 14.25 million (EGP 691 million) initiative, funded by USAID, is focused on preserving and sustaining the coral reef ecosystem of the Red Sea.
Fouad noted that the Egyptian Red Sea Initiative, which will run from 2024 to 2030, is a key component of Egypt’s national efforts to safeguard its natural heritage.
The project will bring together various stakeholders to develop and implement financing solutions aimed at preserving the Red Sea’s coral reef environment, one of the most diverse and resilient coral reefs in the world.
The fund will develop a long-term strategy to secure donations for covering operational expenses, offer blended financing, and provide grants for investments that support coral reefs.
Additionally, the project will establish a coral reef business incubator to support and finance eco-friendly ventures.
The initiative will also allocate USD 5 million (EGP 242 million) as seed capital to the Egyptian Fund for Coral Reefs (EFCR) for financing approved projects and businesses.
The remaining USD 9.25 million (EGP 448 million) will be used to fund program activities and cover operational expenses for the first two years.
Fouad explained that the project aims to enhance the protection of approximately 99,899 hectares of coral reefs in Egypt’s Red Sea waters, including 13,637 hectares in the Wadi El Gemal National Park and 50,612 hectares in the Northern Red Sea Islands Protected Area.
Fracasetti, the UNDP’s Resident Representative in Egypt, said, “The Egyptian Red Sea Initiative will bring new resources and partnerships to better protect coral reefs. It aligns with Egypt’s priorities and sets a global standard for balancing environmental and economic goals.“
Similarly, Jones, the Director of USAID in Egypt, remarked that this initiative continues the long-standing Egyptian-American collaboration in safeguarding natural resources and helping local communities adapt to climate change.
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