Egypt launches fund to help companies transform into green economy

The Ministry of Planning and Economic Development has launched EgyCop, the first Egyptian entity to fund the projects that reduce carbon emissions in Egypt. It also issues globally accredited certificates from Swiss Gold Standard.

Hala El-Said, Minister of Planning, said that EgyCop is the first of its kind in the Egyptian market. It represents a step forward 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 funding to help companies in terms of the transition towards a green economy.

He stated that the authority is working on relevant authorities to develop frameworks, work models and organizational structures necessary 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 trading of carbon certificates on the sidelines of the World Climate Summit in Sharm El-Sheikh, pointing in this regard to the importance of working to increase awareness and knowledge of companies about the new market and the services provided through it.