Egypt and UNDP Explore New Initiative to Safeguard Red Sea Coral Reefs

Local Development and Environment Minister Manal Awad recently held a strategic meeting with Deputy Resident Representative of the United Nations Development Program (UNDP) Ghimar Deeb. The discussion centered on creating a specialized Egyptian fund dedicated to financing the protection of Red Sea coral reefs.

According to Minister Manal Awad, the proposed financial mechanism is designed to secure long-term investments that bolster marine conservation efforts and foster sustainable tourism. She emphasized that these coral ecosystems are crucial for driving tourism, creating jobs, and sustaining local economic activity.

Stemming from the Egyptian Red Sea Initiative, the fund plans to integrate grant financing for critical conservation projects alongside an investment portfolio. This dual approach aims to mobilize private capital and actively promote reef-friendly economic practices.

Reflecting on the partnership, Ghimar Deeb noted that the fund will significantly advance Egypt’s biodiversity targets, broaden the scope of environmental financing, and stimulate increased private-sector investment.