Skip to content Skip to Search
Skip navigation

New Egyptian fund to invest in projects issuing carbon certificates

REUTERS
President Tayyip Erdogan's economic programme prioritises growth and exports

Egypt has launched the first domestic fund to invest in projects that issue carbon certificates (EgyCop), Egypt Today newspaper reported.

The Egyptian fund for investment in projects that issue EgyCOP has an authorised capital of EGP1 billion ($40.78 million). It funds projects of local companies that reduce emissions in the country and issues them internationally accredited certificates to offset emissions from the Swiss Gold Standard Corporation.

Minister of planning and economic development Hala El-Said said that EgyCop is a vivid example of the vision of the Cop presidency for this year.

Egypt and Africa will have a greater role in investing in balancing emissions, the minister said, noting that Egypt has a variety of qualified projects that can help reduce carbon emissions in the transport, energy, solid waste and biodiversity sectors.

The Egyptian government launched the first African voluntary carbon market on the sidelines of the Cop27 climate summit in Sharm El-Sheikh, the newspaper said.

The African Market for Carbon Certificates is a platform to help economic entities in Egypt and Africa to engage in activities to reduce carbon emissions and to benefit from the issuance and sale of certificates.

Latest articles

Outdoors, Ground, Nature

IMF gives Jordan access to $131m as reforms continue

The International Monetary Fund (IMF) will grant Jordan access to $131 million as the country’s economic reform programme remains strong despite facing a challenging external environment. The release of the funds remains subject to approval by the IMF’s management and executive board. “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused […]

Architecture, Building, Factory

Oman public revenue tops $21bn as oil earnings surge

Oman’s public revenue rose to OMR8.1 billion ($21 billion) by the end of August 2024, up 3 percent year on year, thanks to a surge in oil income. Net oil revenue reached OMR4.65 billion, rising 12 percent, compared to OMR4.15 billion a year earlier, the state-run Oman News Agency reported, citing the finance ministry’s latest […]

The Forbes Tower is designed by architects Adrian Smith and Gordon Gill with a facade by BMW's Designworks

Egypt’s Forbes Tower has designs on Burj Khalifa records

Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa.  Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […]

Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE

Crypto giant OKX bullish on UAE launch

Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE.  UAE residents will be able to deposit and withdraw AED from all Emirates bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs. The Seychelles-based crypto trading platform has more than 50 million customers in 200 international markets according […]