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Egypt is set to benefit from the US$200 million Novastar Investment Fund, an equity venture aimed at mobilising climate-related financing across five African countries, according to ITWeb Africa.
Acting Environment Minister Manal Awad said the fund will support companies in three key areas of the agricultural sector: enhancing adaptability and resilience, promoting clean technologies that reduce carbon emissions, and developing innovative climate solutions for sustainable management of natural resources.
The initiative is expected to help scale affordable climate solutions that have already proven successful in other markets, as Egypt remains among the countries most vulnerable to the effects of climate change.
Awad emphasised that providing capital to companies working in climate technology was vital for expanding investments in emission reduction and adaptation efforts.
In a statement, the Egyptian Cabinet Presidency noted that the Novastar Investment Fund aims to build a robust innovation ecosystem in climate technology by engaging key stakeholders and mobilising private-sector capital to advance both climate resilience and financial sustainability.
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