Arab Finance: The Egyptian cabinet has approved a draft presidential decree for Egypt to join the Green Middle East initiative, which supports environmental protection and climate-change mitigation across the region, according to a statement.
The initiative seeks to address rising temperatures and environmental challenges in the Middle East through technical support and regional cooperation.
The initiative’s objectives include promoting land restoration, preserving vegetation cover in forests, rangelands, and agricultural lands, and applying nature-based and ecosystem-based solutions.
It also aims to mitigate climate-change impacts, strengthen regional alignment, and establish a governance framework that provides oversight, technical support, and financial assistance for related projects.
Economic benefits include expanded cooperation opportunities and new prospects for investment and partnerships with supporting countries, regional and international organizations, and the private sector in environmentally friendly projects that help reduce greenhouse gas emissions.
The initiative will bring together member countries from Central Asia, West and South Asia, North Africa, and Sub-Saharan Africa.
The cabinet also approved a draft presidential decree for Egypt to join the European Union’s Horizon Europe research and innovation program as a partner country.
Horizon Europe is the EU’s primary research and innovation funding framework, targeting climate change, supporting the UN Sustainable Development Goals, and enhancing the EU’s competitiveness and economic growth.
The program fosters job creation for researchers, strengthens industrial competitiveness, and promotes international cooperation in research and innovation.
Egypt’s participation will place Egyptian researchers on equal footing with their counterparts in EU member states, allowing access to EU research resources and funding.
In addition, the cabinet approved the establishment of seven public benefit projects in the governorates of Sharqia, Menoufia, Dakahlia, Sohag, and Beheira.
They include the extension of a natural gas pipeline, the construction of a mosque, a pressure-reduction and measurement station, a primary school, a basic-education school, an Al-Azhar institute, and other facilities.