{"id":85679,"date":"2024-07-29T00:00:00","date_gmt":"2024-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/29\/afdb-gives-moroccos-climate-resilience-program-a-eur-120-mn-boost\/"},"modified":"2024-07-29T00:00:00","modified_gmt":"2024-07-29T00:00:00","slug":"afdb-gives-moroccos-climate-resilience-program-a-eur-120-mn-boost","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/29\/afdb-gives-moroccos-climate-resilience-program-a-eur-120-mn-boost\/","title":{"rendered":"AfDB gives Morocco\u2019s climate resilience program a EUR 120 mn boost"},"content":{"rendered":"

CLIMATE FINANCE-<\/p>\n

Morocco secures EUR 120 mn from AfDB to boost climate resilience: <\/strong>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<\/a> reported on Friday. The program aims to implement reforms to strengthen Morocco's economy and enhance resilience to climate change and other external factors. <\/p>\n

This follows recent funding from the Opec Fund:<\/strong> The Opec Fund for International Development approved earlier this month USD 605 mn in development financing, with <\/span>USD 100 mn<\/a> allocated to Morocco\u2019s 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.<\/span><\/p>\n

ELECTRIC VEHICLES-<\/p>\n

Egyptian EV startup <\/strong>Shift EV<\/a><\/strong> will supply Raya Holding\u2019s <\/strong>Raya Auto<\/a><\/strong> with locally-produced batteries for its light EVs under a newly-announced partnership<\/strong>, according to a statement (pdf)<\/a>. The move \u201cmarks the first regional alliance capable of deep localization of electric mobility technology as Egypt moves towards expanding its industrial base.\u201d <\/p>\n

More to come from the new partnership: <\/strong>The two companies aim to expand their partnership across a range of products in the coming years. \u201cPartnering with Shift EV\u2026enables us to upgrade our premium products with lithium-ion batteries \u2014 proudly made in Egypt,\u201d Raya Auto CEO Mohamed El Naggar said<\/a>.<\/p>\n

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UAE\u2019s Air Chateau is <\/strong>getting flying electric<\/strong> taxis from Crisalion Mobility: <\/strong>Dubai-based private aviation operator Air Chateau<\/a> signed a pre-order for ten Integrity eVTOL aircraft<\/a> with Madrid-based sustainable transport solutions startup Crisalion Mobility<\/a>, according to a statement on Thursday<\/a>. The partnership sees both companies working together to advance flying electric taxis in UAE\u2019s major cities, including Abu Dhabi and Dubai. Air Chateau\u2019s pre-order brings Crisalion's pre-order book to 125 aircraft. It also marks the company\u2019s first entry into the Middle East and private aviation markets. Financial details were not disclosed.<\/p>\n

RECYCLING-<\/p>\n

The world\u2019s first fully recyclable razor, made in Egypt?<\/strong> Razor manufacturer Lord<\/a>International<\/a> is gearing up to manufacture the first 100% recyclable disposable razor in the world in Alexandria\u2019s freezone, according to a statement<\/a>. The product is expected to go live in 4Q 2024 and will be sold locally and abroad.<\/p>\n

SOLAR-<\/p>\n

Industrial solar for Fresh: <\/strong>Cairo Solar will set up solar power stations with a combined capacity of 11 MW to power home appliance manufacturer Fresh Electric\u2019s factories, Cairo Solar managing director Hatem Tawfik told Al Mal<\/a>. The stations will have an investment ticket of EGP 170 mn and provide 30% of the Fresh\u2019s power needs. <\/p>\n

ENERGY EFFICIENCY- <\/p>\n

Algeria <\/strong>+ UNDP partner on energy efficiency: <\/strong>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<\/a> 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.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n