Egypt, UNDP discuss new fund to protect Red Sea coral reefs
The fund, a key outcome of the Egyptian Red Sea Initiative, would combine grant financing for conservation projects with an investment portfolio aiming at mobilizing private capital and promoting reef-friendly economic activities.
Local Development and Environment Minister Manal Awad had a meeting with Deputy Resident Representative of the United Nations Development Program (UNDP) Ghimar Deeb to discuss the establishment of an Egyptian fund to finance the protection of Red Sea coral reefs.
Awad said the proposed fund would help attract long-term investment to support marine conservation and sustainable tourism, stressing that coral reefs are vital to tourism, jobs and local economic activity.
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