By: TPA News Desk | editor@thepointafricanews.com
CAIRO – Egypt has been chosen as one of just seven nations globally to benefit from the Climate Investment Funds’ (CIF) groundbreaking $1 billion Industrial Decarbonization Program, Planning, Economic Development & International Cooperation Minister Rania Al-Mashat announced. The significant selection positions Egypt at the forefront of global efforts to reduce industrial emissions in developing economies.
The country’s bid was successful against a competitive field of 26 applicants worldwide for this pioneering international financing initiative. This program is specifically designed to provide concessional finance for cutting greenhouse gas emissions within the industrial sector, a crucial step for achieving global climate goals.
Minister Al-Mashat highlighted that Egypt’s inclusion underscores international confidence in the nation’s climate action strategies and its ongoing commitment to a green transformation. The ministry’s proposal was developed in collaboration with major multilateral development banks, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB).
The program aims to support a low-emission industrial transition, foster green job creation, and enhance the long-term economic competitiveness of participating countries. This aligns with a projected $2 trillion global market for eco-friendly goods by 2030, offering substantial future opportunities.
Tariye Gbadegesine, CEO of the Climate Investment Funds, emphasized the critical role of emerging markets in industrial decarbonization, stating, “The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way.” She added that this effort is not only about cutting emissions but also about “securing long-term prosperity and future jobs.”
The selected nations are now expected to work with development banks and private sector partners to craft detailed investment plans, which, upon approval by the CIF board, will unlock concessional financing to scale up clean technologies, including green hydrogen. This industrial decarbonization program is funded through CIF’s $9 billion Clean Technology Fund (CTF), which aims to mobilize $12 in additional financing for every dollar invested.
