Egypt receives AFD grant to develop climate finance strategy: The French Development Agency (AFD) will provide a EUR 1.5 mn grant to Egypt’s Environment Ministry in a bid to develop the national banking sector’s climate finance strategy, according to a ministry statement.

Not the first time: AFD provided the National Bank of Egypt with a EUR 101.5 mn financing package in 2022 to help it channel funds into renewable and clean energy projects under its Transforming Financial Systems for Climate (TFSC) program. AFD is providing up to EUR 430 mn to finance renewable projects under TFSC, with the UN’s Green Climate Fund co-financing with funds totaling EUR 213 mn.

And there’s a climate financing project in the works: Egypt’s Environment Ministry, Foreign Ministry, and the United Nations Development Program established the “Transforming Financial Systems for Climate in Egypt” (TFSC Egypt), according to the statement. TFSC Egypt will help national banks adopt and implement financing frameworks for renewable energy projects and help banks integrate climate and identify climate risks when financing projects.

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