Egyptian Minister of Atmosphere Yasmine Fouad oversaw the signing of an settlement to launch the USD 14.25 million (EGP 691 million) Egyptian Crimson Sea Initiative (ERSI) on Tuesday, in partnership with the United Nations Growth Programme (UNDP), the International Fund for Coral Reefs (GFCR), and the USA Company for Worldwide Growth (USAID).
The signing ceremony was attended by Dr. Ali Abu Sunna,CEO of the Environmental Affairs Company, Mr. Alessandro Fracasetti, UNDP Resident Consultant in Egypt, Ambassador Hamdi Shaaban, Director of Worldwide Cooperation on the Ministry of International Affairs, and Mr. Sean Jones, the Director of the USAID Mission in Egypt.
A ministerial assertion by the Ministry of Atmosphere introduced that the USD 14.25 million (EGP 691 million) initiative, funded by USAID, is concentrated on preserving and sustaining the coral reef ecosystem of the Crimson Sea.
Fouad famous that the Egyptian Crimson Sea Initiative, which can run from 2024 to 2030, is a key element of Egypt’s nationwide efforts to safeguard its pure heritage.
The venture will convey collectively varied stakeholders to develop and implement financing options geared toward preserving the Crimson Sea’s coral reef atmosphere, one of the vital numerous and resilient coral reefs on the planet.
The fund will develop a long-term technique to safe donations for masking operational bills, provide blended financing, and supply grants for investments that help coral reefs.
Moreover, the venture will set up a coral reef enterprise incubator to help and finance eco-friendly ventures.
The initiative may even allocate USD 5 million (EGP 242 million) as seed capital to the Egyptian Fund for Coral Reefs (EFCR) for financing permitted tasks and companies.
The remaining USD 9.25 million (EGP 448 million) can be used to fund program actions and canopy operational bills for the primary two years.
Fouad defined that the venture goals to reinforce the safety of roughly 99,899 hectares of coral reefs in Egypt’s Crimson Sea waters, together with 13,637 hectares within the Wadi El Gemal Nationwide Park and 50,612 hectares within the Northern Crimson Sea Islands Protected Space.
Fracasetti, the UNDP’s Resident Consultant in Egypt, stated, “The Egyptian Crimson Sea Initiative will convey new sources and partnerships to raised defend coral reefs. It aligns with Egypt’s priorities and units a worldwide normal for balancing environmental and financial objectives.“
Equally, Jones, the Director of USAID in Egypt, remarked that this initiative continues the long-standing Egyptian-American collaboration in safeguarding pure sources and serving to native communities adapt to local weather change.
