(MENAFN- Daily News Egypt) Egypt's Acting Environment Minister, Manal Awad, announced that the Green Climate Fund (GCF) Board has approved $50m for climate-tech investments in Egypt. This funding is part of the Novastar Investment Fund III, a $200m equity venture aimed at mobilizing climate-related financing across five African countries, including Egypt.

Awad explained that the $50m will be allocated to support climate-tech companies in Egypt, focusing on three primary sectors. These include services that enhance adaptation and resilience, the development of low-emission technologies to reduce the carbon intensity of economic growth, and innovative solutions for natural resource management.

The programme is designed to target start-ups and growth-stage firms that promote clean, inclusive, and sustainable development in Africa. The initiative will help scale affordable climate solutions that have proven successful in other markets, especially given Egypt's significant vulnerability to climate change. Awad emphasized that ensuring access to such capital is crucial to expanding investments in both mitigation and adaptation efforts within the country.

Additionally, Awad highlighted that Novastar aims to build a strong climate-tech innovation ecosystem by involving key stakeholders and attracting private capital to deliver both climate resilience and financial returns. However, no further details were provided regarding specific timelines or the companies targeted for investment.

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