Tuesday April 23rd, 2024
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UK’s Climate Finance Accelerator Launches Its First Cohort in Egypt

Nine Egyptian projects have been chosen for the third wave of the UK’s Climate Finance Accelerator.

Startup Scene

The Climate Finance Accelerator (CFA), a UK government backed initiative, has chosen nine green projects in Egypt to join its cohort to receive technical support, and receive assistance to attract financing from investors.

Selected from an estimated 50 applicants, the nine projects operate in renewable energy, waste, blue economy, agriculture, and manufacturing sectors. By joining the accelerator program, the companies will receive support on capacity-building before meeting with investors and financial institutions at an April workshop later this year to pitch their projects.

“Climate mitigation needs to be intentional,” Marcela Tarazona from Genesis Analytics, CFA’s delivery partner, tells StartupScene. “So, bringing together like-minded entrepreneurs and equipping them with the right tools to get their projects bankable is critical. We congratulate the shortlisted projects and are excited to engage and support them in their ambitions as well as their contribution to Egypt's climate agenda through the CFA programme.”

The chosen nine CFA projects are as follows:

Al Dawara:This company creates a 100% natural and fully compostable alternative to traditional thin film plastic, such as plastic bags, freezer bags, inner coating for food packaging.

Creative Power Solutions: A manufacturer for thermal solar panels, with the goal of selling its panels to electric utility and industrial clients in the MENA region.

Farmtopia: This project automates farming with the use of Artificial Intelligence (AI) and the Internet of Things (IoT)

Green Fashion: Designs and produces environmentally-friendly fashion and socially responsible clothes to support local communities in Egypt.

IRSC for Renewable Energy Solutions: Empowers small-scale farmers by providing them with financial and agricultural support through its operational and agricultural expertise.

ReNile: This project provides advanced technological solutions to help farmers monitor water, air and soil quality to better manage their farms while safeguarding the use of resources.

Tile Green: Produces eco-friendly building materials from plastic waste using state-of-the-art manufacturing processes.

Zr3i: A digital agricultural platform providing precision farming solutions for crop management.

The CFA is a GBP 10 million, four-year program funded by the UK government to support low-carbon projects in eight middle-income countries. In Egypt, it is set out to aid the country in its green transformation, and support it in the green and climate finance landscape.

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