الهيئة العامة للرقابة المالية

• Farid: Entrepreneurship and Innovation Hubs Fuel Emerging Economies and we are all proud of the Egyptian ideas presented today
• Every emerging and innovative idea, regardless of its risks, deserves recognition and support
• Empowering program graduates through financial support and networking to achieve their business goals.
• Specialized workshops for entrepreneurs and startup graduates to learn about the voluntary carbon market and financial valuation to explore growth opportunities in the non-banking financial sector.
• British Ambassador to Egypt, Gareth Bayley: Our government has pledged continued cooperation with Egypt on climate change initiatives through this program
• The program is exceptional, not only fostering sustainable business practices and green infrastructure but also contributing to Egypt’s green economic transition

Dr. Mohamed Farid- FRA Chairman witnessed the graduation ceremony of nine Egyptian companies from the UK-funded CFA Climate Finance Accelerator program. Hosted by the British Ambassador in Cairo, the event was attended by Dr. Mahmoud Mohieddin, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing the 2030 Agenda for Sustainable Development as well as FRA leaders and projects’ representatives.

Dr. Farid emphasized that entrepreneurship and innovation are catalysts for growth in emerging and developing economies. He noted that the continued development of these economies is closely tied to their entrepreneurial spirit. Dr. Farid was impressed by the Egyptian ideas showcased in the UN-funded Climate Finance Acceleration Program, highlighting that every emerging and innovative idea, regardless of its challenges, deserves recognition and support.

Moreover, Dr. Farid emphasized the Authority’s role in supporting program graduates and connecting them with key stakeholders to foster their business development. He highlighted the Authority’s organization of specialized workshops for entrepreneurs and startup graduates to introduce them to the voluntary carbon market and financial valuation approaches, enabling them to identify growth opportunities within the non-banking financial sector.

British Ambassador to Egypt, Gareth Bayley, said: “Our government is committed to collaborating closely with Egypt to address climate change through this program. This exceptional program not only supports sustainable business practices and green infrastructure but also plays a crucial role in Egypt’s transition to a greener economy. The showcased projects demonstrate tangible progress towards reducing emissions and building a more environmentally friendly future for Egypt”.

On the other hand, Yehia Houry, Chief Programs Officer at Flat6Labs stated that the successful completion the second phase of the Climate Finance Accelerator (CFA) program in Egypt highlights the immense potential of the Egyptian private sector to drive climate action.

He added that by working closely with the nine projects and their partners, we have helped these innovative initiatives make significant strides toward securing investment and reducing carbon emissions. “We are proud to have played a pivotal role in supporting Egypt’s climate ambitions and contributing to a more sustainable future” he stated.

The Climate Finance Accelerator Program is a £11.8 million technical assistance program funded by International Climate Finance (ICF) through the UK Department for Energy Security and Net Zero (DESNZ).

Climate Finance Accelerator Program is implemented in just 10 countries worldwide, including Egypt. It focuses on building a sustainable pipeline of low-carbon projects and financing opportunities in each of these countries.

The second cohort of CFA projects featured nine projects, including “AgriSoft” which offers interest-free financing to small farmers for adopting solar energy and sustainable agriculture. Other notable projects included “AgriSolar” which empowers companies to achieve sustainable growth by providing top-tier solar products and services to the agriculture sector, and “AgriPots” a company specializing in using artificial intelligence and robotics to detect plant diseases.

The list also included “EGYMAG Biotechnology” which specializes in refining insect-based biological products. Additionally, “HNE Futures”, a company focused on developing, manufacturing, installing, and maintaining mobile electronic charging solutions, was included. “HNE Futures” strength lies in its proprietary software platforms for consumers and businesses as well as “loop Micromobility” which provides electric scooters  and  “MEDEX Egypt Smart Solutions” which is a smart logistics network operating in over 60 countries in the Middle East, North Africa and Africa, addresses the issue of expired and unused medicines. In addition to “Plstka” a rewarding app with Ai Optimization Supply chain system to waste management. Finally, “Plug’n’Grow” which is a leading agricultural company that specializes in developing economic solutions based on proven Hydroponic and Aquaculture technology.