40% of Egypt’s Public Investing is Green: Egyptian Cabinet

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Photo credit: egd / Shutterstock via Power Technology

The Egyptian Cabinet has estimated that 40 percent of Egypt’s public investments constitute eco-friendly, green investing for the fiscal year (FY) 2022/2023.

The total public investment value is EGP 410 billion, according to the Cabinet’s statement released on 21 November. So far, EGP 259 billion has been allocated to clean transportation, EGP 38 billion to sustainable sanitation, and EPG 25 billion to clean energy.

Alongside these investments, the government has also invested EGP 22 billion in ensuring the availability of clean drinking water, EGP 18.5 billion for environmental action, EGP 14 billion for sustainable irrigation, and EGP 11 billion for agricultural development.

This report falls in line with statements made by Egyptian President Abdel Fattah al-Sisi in September, where he announced that Egypt would increase its percentage of green investments to 50 percent of total public expenditure by FY 2023/2024.

Over the course of the year, Egypt has made several moves to improve its environmental footprint, signing 16 memoranda of understanding (MoU) on green ammonia and green hydrogen. This is in addition to Egypt’s low-carbon strategy, and its long-term goals of becoming an international hub for producing and exporting green hydrogen.

Cairo has also established a USD 2 billion (EGP 49 billion) Benban solar park, one of the largest globally.

Alongside its pursuits for greener technologies, the country continues to employ clean transportation projects, including the EUR 2.7 billion (EGP 68.4 billion) monorail lines, high speed electric railways, and Egypt’s first light rail transit (LRT).

The post 40% of Egypt’s Public Investing is Green: Egyptian Cabinet first appeared on Egyptian Streets.

Source: egyptianstreets