CLIMATE FINANCE-

Morocco secures EUR 120 mn from AfDB to boost climate resilience: The board of the African Development Bank (AfDB) has approved EUR 120 mn in financing for the first phase of Morocco's Governance and Climate Change Resilience Support Programme (GCRRP), MAP reported on Friday. The program aims to implement reforms to strengthen Morocco's economy and enhance resilience to climate change and other external factors.

This follows recent funding from the Opec Fund: The Opec Fund for International Development approved earlier this month USD 605 mn in development financing, with USD 100 mn allocated to Morocco’s climate resilience program. The funds are broadly being allocated for financing global food security, climate action, and essential infrastructure initiatives, with USD 3 mn earmarked for the development of the Opec Fund Food Security and Climate Adaptation Facility.

ELECTRIC VEHICLES-

Egyptian EV startup Shift EV will supply Raya Holding’s Raya Auto with locally-produced batteries for its light EVs under a newly-announced partnership, according to a statement (pdf). The move “marks the first regional alliance capable of deep localization of electric mobility technology as Egypt moves towards expanding its industrial base.”

More to come from the new partnership: The two companies aim to expand their partnership across a range of products in the coming years. “Partnering with Shift EV…enables us to upgrade our premium products with lithium-ion batteries — proudly made in Egypt,” Raya Auto CEO Mohamed El Naggar said.

UAE’s Air Chateau is getting flying electric taxis from Crisalion Mobility: Dubai-based private aviation operator Air Chateau signed a pre-order for ten Integrity eVTOL aircraft with Madrid-based sustainable transport solutions startup Crisalion Mobility, according to a statement on Thursday. The partnership sees both companies working together to advance flying electric taxis in UAE’s major cities, including Abu Dhabi and Dubai. Air Chateau’s pre-order brings Crisalion's pre-order book to 125 aircraft. It also marks the company’s first entry into the Middle East and private aviation markets. Financial details were not disclosed.

RECYCLING-

The world’s first fully recyclable razor, made in Egypt? Razor manufacturer LordInternational is gearing up to manufacture the first 100% recyclable disposable razor in the world in Alexandria’s freezone, according to a statement. The product is expected to go live in 4Q 2024 and will be sold locally and abroad.

SOLAR-

Industrial solar for Fresh: Cairo Solar will set up solar power stations with a combined capacity of 11 MW to power home appliance manufacturer Fresh Electric’s factories, Cairo Solar managing director Hatem Tawfik told Al Mal. The stations will have an investment ticket of EGP 170 mn and provide 30% of the Fresh’s power needs.

ENERGY EFFICIENCY-

Algeria + UNDP partner on energy efficiency: The National Agency for the Promotion and Rationalization of Energy Use in Algeria signed a cooperation agreement with the United Nations Development Programme (UNDP) to launch a project to support energy efficiency and innovation for sustainable transition in Algeria, APS reported last week. The agreement focuses on enhancing energy efficiency, regulatory reforms in the housing sector, developing green hydrogen as an alternative energy source, and promoting clean and sustainable transportation.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • OCP + Fortescue’s green hydrogen JV gets regulatory nod: The Moroccan Competition Council has approved the joint venture between OCP Green Energy, a subsidiary of Morocco's OCP Group, and Australia's Fortescue to produce green hydrogen and ammonia. The partners established the JV in April to collaborate to supply fertilizers, hydrogen, and ammonia domestically in the kingdom and export to European and global markets. (Statement)
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