Egypt, UNDP discuss new fund to protect Red Sea coral reefs

Egypt is exploring the establishment of a national fund dedicated to protecting the coral reefs of the Red Sea, in collaboration with the United Nations Development Program (UNDP).

Minister of Local Development and Environment Manal Awad met with UNDP Deputy Resident Representative Ghimar Deeb to discuss the initiative. Awad highlighted the fund's potential to attract sustained investment for marine conservation and eco-tourism, emphasizing the critical role of coral reefs in supporting local economies and employment.

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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.

The fund is envisioned as a key outcome of the Egyptian Red Sea Initiative. It would operate through a dual approach: providing grant financing for conservation projects while also developing an investment portfolio to attract private capital and encourage businesses that are compatible with reef preservation.

According to Deeb, the fund would align with Egypt's biodiversity targets, broaden the sources of environmental financing, and stimulate increased private sector involvement in conservation efforts.

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the fund would support Egypt’s biodiversity goals, diversify environmental financing and encourage greater private-sector investment.