Egypt launches fund to help businesses transform into green economy

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Sharm el-SheikhThe Ministry of Planning and Economic Development launched EgyCop, the first Egyptian entity to finance projects that reduce carbon emissions in Egypt. It also issues globally accredited Swiss Gold Standard certificates.

Hala El-Said, Minister of Planning, said EgyCop is the first of its kind in the Egyptian market. It represents a step towards innovative solutions against climate change.

Mohamed Farid, head of the Financial Regulatory Authority (FRA), said that EgyCop is the first entity of its kind to provide finance to help companies in terms of transitioning to a green economy.

He said the authority is working on relevant authorities to develop frameworks, working models and organizational structures needed to support the transition to a green economy.

He continued that the announcement of EgyCop coincides with the launch of the first African voluntary market for the issuance and exchange of carbon certificates on the sidelines of the World Climate Summit in Sharm el-Sheikh, underlining in this regard the importance of working to increase companies’ awareness and knowledge of the new market and the services provided there.

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