Egypt has launched the Egyptian Red Sea Initiative to protect the Red Sea's rich biodiversity while supporting the communities that rely on these vital ecosystems, the Environment Ministry announced on Tuesday. The initiative took two years of planning between the United Nations Development Programme (UNDP), the Global Fund for Coral Reefs (GFCR), and the United States Agency for International Development (USAID). The $14-million Egyptian Red Sea Initiative, funded by USAID, includes an initial capital of $5 million allocated to the Egyptian Fund for Coral Reef (EFCR) to support projects and businesses focused on coral reef conservation. The remaining $9.25 million will support programme activities, including the establishment of the EFCR and covering its operational costs for the first two years. Egypt's Environment Minister, Yasmine Fouad, underscored the importance of the Egyptian Red Sea Initiative, which will run from 2024 to 2030, as a key step in protecting the nation's natural heritage. She highlighted that coral reefs as vital to both the marine ecosystem and the Egyptian economy, particularly tourism and fishing. The initiative, designed to safeguard approximately 99,899 hectares of coral reefs in the Red Sea, including the establishment of the EFCR. The funds will support conservation efforts, through financing eco-friendly projects aimed at sustainable development and marine resource protection, in partnership with international collaborators.
Attribution: The Egyptian Cabinet Subediting: M. S. Salama
