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…
Egypt Launches $14.25 Million Red Sea Initiative to Preserve Coral Reefs in Partnership with UNDP and USAID
September 4, 2024
