UK’s Climate Finance Accelerator Supports Low Carbon Projects in Egypt

Climate Finance Accelerator (CFA), a technical assistance program funded by the UK government, is launching in Egypt to support low-carbon projects and connect them with investors. The programme coincides with the Egyptian government’s preparations to host the COP27 United Nations Climate Change Conference in Sharm El Sheikh this November, with the common goal of promoting climate change action and accelerating the nation’s transition to a green economy.

CFA is currently accepting applications to its four-year program until October 16, 2022, with each accelerator cycle for the selected project developers lasting six to nine months. The program is looking for projects that are in the pre-feasibility stage and are ready to approach investors. Applicants will be selected by local and international experts based on four main criteria: climate mitigation potential, project maturity, financial restructuring, and gender equality and social inclusion.

In terms of funding, CFA is looking at projects with a ticket size of $1 million or more. Once the selection process is complete, projects will go through the program’s capacity building process and receive support from technical, financial and gender and social inclusion experts in Q1 2023. This will be followed by an event in London, which will bring together project developers and investors.

Founded in 2017, CFA is part of the UK’s efforts to support global climate action goals by helping developing countries finance and deliver on their commitments to the 2015 Paris Agreement, with the central goal of limiting climate change to 1.5 degrees Celsius above pre-industrial levels. To date, CFA has supported more than 50 projects across a variety of sectors in Colombia, Nigeria, Mexico, Turkey, South Africa, Peru and Pakistan.