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Wednesday, 18 January 2023

Green startups get a boost from our friends in the UK

Nine green projects from across Egypt have been chosen to join the Climate Finance Accelerator (CFA) Egypt’s inaugural program, the UK government-backed initiative announced in a press release (pdf) yesterday. Almost 50 projects applied to join the program, with the chosen nine receiving technical assistance to help them attract finance from international investors.

The nine projects operate in renewable energy, waste, blue economy, agriculture and manufacturing. They were chosen according to the five criteria proposed by the CFA. The accelerator will work with the companies on capacity-building before they meet with investors and financial institutions at an April workshop to network and pitch their projects.

The CFA Egypt projects are:

  • Al Dawara: Aims to create plant-based single-use products.
  • Creative Power Solutions: A thermal solar panels manufacturer.
  • Farmtopia: Automates farming processes such as irrigation using artificial intelligence and the Internet of Things.
  • Green Fashion: Produces eco-friendly fashion.
  • IRSC Renewable Energy Solutions: Provides agricultural and financial support to small-scale farmers.
  • ReNile: Uses advanced monitoring technologies to promote precision farming.
  • Tile Green: Produces eco-friendly building materials from plastic waste.
  • Zr3i: A digital agriculture platform focused on precision farming.

REFRESHER- Announced prior to COP27 in November, the CFA is a GBP 10 mn, four-year technical assistance program funded by the UK government to build a pipeline of bankable low carbon projects in eight middle-income countries, helping them achieve national climate plans. South Africa-based consultancy firm Genesis Analytics and Egypt-based Acumen Consulting are working with the CFA on the local program.

The CFA will also support the Climate Resilience Fund, a USD 25 mn Middle East and Africa-focused VC fund that will provide pre-seed funding to startups working in sustainable agriculture. The Egypt-based fund will deploy half of its capital in Egyptian startups and the other half will be split between the Middle East and Africa.

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