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Monday, 14 November 2022

EBRD to help out some of our most promising local green startups

Our friends at the EBRD are taking six Smart Green Governorates startups under their wing: The European Bank for Reconstruction and Development (EBRD) will ink an agreement with the Planning Ministry to provide technical support to six of the eighteen startups showcased in the ministry’s Smart Green Governorates initiative, project coordinator Hisham Badr confirmed to Enterprise, following a Planning Ministry statement.

The selected startups: E-scooter startup Rabbit Mobility; renewable energy player NoorNation; solar and water firm Engazaat; plastics-alternatives company Banlastic; Kadet El Mostakbal; and Archtech.

The six companies will get technical support, training, and business advisory services, including access to the EBRD’s pool of more than 400 local business consultants and 1.5k international experts, the statement read.

The chosen projects could also be in line for financing from the EBRD under case-by-case agreements with the lender after the necessary studies have been completed, Badr told Enterprise.

Smart Green Governorates awardees are getting attention at COP: Organizations including the International Finance Corporation, the World Food Programme, and the UN Food and Agriculture Organization expressed interest in supporting the companies, Badr told us. “We held a few meetings to discuss potential collaboration interventions with representatives from the IFC, FAO, and WFP, where they expressed interest in some of the projects relevant to their mandates,” he said.

What’s next? The initiative will be back for COP28 next year in the UAE with a larger number of smart and green Egyptian projects, Badr added.

REFRESHER- The 18 projects were chosen from more than 6k applicants to be put in front of investors at COP and help them attract finance from global lenders. We sat down with Badr to learn more about the initiative in the run-up to COP.

OTHER HIGHLIGHTS FROM COP27-

The US is providing USD 10 mn for an Africa-wide climate adaptation center in Cairo, part of more than USD 150 mn in fresh adaptation support pledged by US President Joe Biden to the continent, according to a cabinet statement. The Biden administration is also contributing USD 25 mn to the African Union’s Africa Adaptation Initiative (AAI) as part of the fresh pot of funding, cabinet said. .

Morocco and Egypt signed an MoU to strengthen cooperation on sustainable development and environmental protection, according to a cabinet statement. The agreement covers sectors including renewable energy, climate change adaptation and mitigation, coastal zone management, marine pollution control, waste management, biodiversity conservation, environmental education and technology.

WATCH THIS SPACE- Egypt will launch a program, dubbed Green Star, that will favor low-carbon products for government purchases, Trade and Industry Ministry Ahmed Samir said during Decarbonization Day. (Statement)

Other headlines worth knowing about:

  • Prime Minister Moustafa Madbouly established a business council for sustainable development to pool funding and support for green economy projects. (Statement)
  • Egypt’s Engazaat has partnered up with Swedish cleantech firm Azelio and French water solutions provider Mascara NT to set up water desalination systems for off-grid desert farmers across Africa, starting in Egypt’s Moghra oasis. (Press release)
  • COP27 President and Foreign Minister Sameh Shoukry discussed food security and the US-UAE led AIM for Climate agriculture investment platform with US Agriculture Secretary Tom Vilsack. (Statement)
  • Egyptian and Australian authorities discussed upping cooperation on mining and green hydrogen in a meeting between Oil Minister Tarek El Molla and Australian Environment and Climate Action Minister Reece Whitby. (Oil Ministry statement)

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