
Egypt, Canada strengthen environmental cooperation with focus on green transition and climate action
File- Egyptian Minister of Environment Yasmine Fouad - press photo
CAIRO – 16 May 2025: Environment Minister Yasmine Fouad held a meeting with Canadian Ambassador to Egypt Louis Dumas and his accompanying delegation to discuss ongoing and future cooperation on environmental issues at both national and multilateral levels.
The meeting was attended by Ambassador Raouf Saad, Advisor to the Minister on Multilateral Agreements, and Soha Taher, Head of the Central Administration for International Cooperation and Climate Change.
Fouad praised the long-standing and distinguished environmental partnership between Egypt and Canada, highlighting Canada's early support in building Egypt's environmental capabilities, particularly in data management through the development of an environmental information system, which played a crucial role in understanding and addressing complex environmental challenges.
The discussions covered collaborative efforts at the multilateral level, particularly during the UN Biodiversity Conference (COP15) held in Canada, where both countries worked together to establish a global biodiversity framework. The two sides praised the joint cooperation during the COP27 Climate Summit in Sharm El-Sheikh and COP28 in Dubai, where Egypt and Canada jointly led consultations on climate finance, resulting in an agreement to scale up climate funding.
The minister presented Egypt's vision for green transformation, which centers on raising ambition, encouraging green investment, and engaging the private sector. She emphasized Egypt's aspiration to become a regional hub for green hydrogen and renewable energy, leveraging its significant natural capital and reaffirmed the state's commitment to inclusive green transition, supported by the government, civil society, and local communities alike.
She also referenced presidential directives issued since 2018 to ensure active youth and women participation in environmental efforts, beyond mere awareness. Notable examples include small-scale waste management projects and the conservation of natural reserves, she said. The 'Eco Egypt' campaign was cited as a successful initiative promoting eco-tourism through youth and entrepreneur engagement.
The minister elaborated on Egypt's policy approach to tackling plastic pollution, a pressing global and national challenge. She mentioned the Cabinet's approval of extended producer responsibility regulations for plastic bags under the Waste Management Law, alongside changes in production standards and the introduction of alternatives. A public awareness campaign on reducing single-use plastics is being prepared, in line with World Environment Day's theme of reducing plastic pollution, she said.
The role of education in addressing environmental challenges was also a key topic. Fouad stressed the importance of integrating global environmental issues such as biodiversity and climate change into the national education system. Egypt has already incorporated these topics into school curricula and welcomed Canadian interest in developing technical education that includes environmental and sustainability components, she said.
The Canadian ambassador commended the historical depth of Egyptian-Canadian relations and expressed Canada's intention to support Egypt's green transition. He highlighted areas of potential cooperation, including technical education aligned with environmental sustainability, smart agriculture, and research partnerships aimed at addressing environmental priorities.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily News Egypt
2 hours ago
- Daily News Egypt
Egypt-Türkiye trade exchange approaches $9bn in 2024: FM Abdelatty
As part of ongoing efforts to strengthen Turkish investments in Egypt, Minister of Foreign Affairs and Immigration Badr Abdelatty met with a group of Turkish business leaders in Istanbul on the sidelines of the Organisation of Islamic Cooperation's ministerial meeting. During the meeting, Abdelatty underscored the growing economic ties between Egypt and Turkey, highlighting the significant progress in trade and investment cooperation. He announced that bilateral trade between the two countries reached nearly $9bn in 2024, with Turkey emerging as a key destination for Egyptian exports. Conversely, Egypt has become one of the leading African markets for Turkish goods. The Minister stressed the need for collaborative efforts from both governments and private sector stakeholders to achieve the target of raising bilateral trade to $15bn—a goal agreed upon by the political leaderships of both countries to deepen economic integration and serve shared interests. Abdelatty highlighted the importance of the Egypt-Türkiye free trade agreement, in force since 2005, as a key driver of trade growth. He also noted the potential to expand its scope and remove remaining barriers to trade to further enhance economic cooperation. Welcoming the rising volume of Turkish investments in Egypt, Abdelatty expressed Egypt's commitment to attracting more Turkish capital by leveraging its extensive network of trade agreements and the investor-friendly environment of the Suez Canal Economic Zone. He also pointed to the incentives and facilities available to foreign investors, affirming the government's resolve to address any challenges facing Turkish businesses. In this context, he cited the recent decision by the Egyptian Prime Minister to establish a dedicated unit to support Turkish investments and ensure smooth business operations in the country.


Daily News Egypt
2 hours ago
- Daily News Egypt
Union of Arab Banks names Hassan Abdalla ‘Governor of Year 2025'
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), has been named 'Governor of the Year 2025' by the Union of Arab Banks. The award was presented during a high-profile ceremony in Paris, on the sidelines of the Arab International Banking Summit, held under the patronage of French President Emmanuel Macron. The award recognises Abdalla's significant contributions to maintaining the stability of Egypt's banking sector, his prudent management of monetary policy, and his active support for economic reform. It also reflects the increasingly prominent status of the Egyptian banking system—both regionally and internationally—and its key role in advancing economic growth and supporting the goals of the 2030 Sustainable Development Agenda. The Union of Arab Banks bestows this honour annually on distinguished Arab banking leaders whose achievements have made a lasting impact on the banking sector at both national and regional levels. Abdalla was unanimously selected by the Union's Board of Directors, which includes representatives from 20 Arab countries, during its meeting in December last year. Headquartered in Beirut, the Union of Arab Banks operates as a key regional institution and is a member of the Higher Coordination Committee for Joint Arab Action within the League of Arab States. Its mission is to strengthen ties among Arab banks, foster cooperation, coordinate activities, and promote a shared Arab identity in the financial sector. The Union currently includes over 360 financial and banking institutions across 20 Arab countries, as well as in Europe, Africa, and Turkey. It also counts 16 Arab central banks as observers, alongside several national banking associations. The Union's influence on the regional and global stage has expanded in recent years. Since 2019, it has held special consultative status with the United Nations Economic and Social Council (ECOSOC) in New York and Geneva and serves as a supporting member of the United Nations Environment Programme Finance Initiative (UNEP FI) in Geneva.


Daily News Egypt
2 hours ago
- Daily News Egypt
CBE issues new licensing framework for electronic payment service providers
The Central Bank of Egypt (CBE) has unveiled a comprehensive set of regulations governing the licensing and registration of payment system operators and electronic payment service providers. Issued under the authority of Law No. 194 of 2020 on the Central Bank and the Banking System, the new framework aligns with the CBE's broader commitment to adapting to rapid developments in the digital payments landscape and enhancing financial security and efficiency for users across Egypt. Scope of Application Includes Domestic and Cross-Border Institutions The new regulatory framework sets out the conditions and procedures for granting licences to institutions—both within and outside Egypt—that provide payment services or operate payment systems targeting clients inside Egypt. It applies to a wide range of activities, including depositing and withdrawing cash from payment accounts, executing payment transactions and money transfers, issuing payment instruments, managing electronic acceptance channels, sending and disbursing remittances in Egyptian pounds, initiating payment orders, and offering payment account information services. The regulations clearly define the procedures for obtaining prior approval and licensing, including the required documentation, minimum capital requirements, financial guarantees, rules governing licence amendments, and applicable inspection and supervision fees. 12-Month Grace Period for Existing Operators The CBE has granted a transitional period of 12 months from the issuance date of the new regulations for existing payment institutions to comply. During this period, institutions currently operating in the market are required to apply for a licence from the Central Bank but may continue their activities until a final decision is issued regarding their compliance, as determined by the CBE's Board of Directors. The regulations also address licensing procedures for foreign-based institutions offering services to clients within Egypt. These institutions must be licensed by an equivalent regulatory authority in their country of origin and must meet the criteria established by the CBE for providing services inside Egypt. Additionally, the CBE stressed the requirement to obtain prior approval before establishing a new payment institution or amending an existing one's commercial registry details to include payment services or system operations. Prior Approval as a Prerequisite for Licensing The CBE clarified that all relevant institutions must submit an application to obtain prior approval—whether to establish a new payment entity or to add payment services or system operations to the commercial registry or corporate documents of an existing company. Once all necessary documents have been submitted, the Central Bank will issue a decision within 90 days. This period may be extended once for an additional 90 days. If prior approval is granted, the applicant then has six months to submit a full licensing application. Failure to do so within this timeframe will render the prior approval void. However, an extension may be requested up to 30 days before the approval's expiry. The Central Bank underlined that prior approval alone does not authorise the institution to provide payment services or operate a payment system. Full licensing is required, and the CBE reserves the right to reject the application even if prior approval has been obtained. Applications must include the proposed or existing name of the institution in both Arabic and English, along with a certificate confirming the name does not conflict with existing entities. A business model, proof of inspection fee payment, and any additional documents or information requested by the Central Bank must also be submitted. Capital Requirements Differ by Category The CBE set minimum capital requirements depending on the category of service provider. For payment service providers classified as Category A, the minimum paid-up capital is set at EGP 30m. For Category B, the requirement is EGP 10m. Providers of account information services and payment initiation services must maintain a minimum capital of EGP 20m. Meanwhile, operators of payment systems are required to have a minimum paid-up capital of EGP 500m. If a Category A provider also wishes to offer account information or payment initiation services, the institution must meet the highest applicable capital requirement. In cases where a single institution performs both payment services and payment system operations, it must meet the capital thresholds for both activities. Mandatory Three-Year Strategic Business Plan The CBE further requires that all applicants submit a comprehensive strategic business plan covering a minimum period of three years. This plan must include financial projections, a clear revenue model, growth and expansion plans, risk management frameworks, and details of the technological infrastructure intended for use. Applicants must also provide evidence of financial soundness, technically qualified staff, adequate managerial expertise, and sufficient technological readiness to support their operations. These standards apply equally to both domestic and international institutions seeking to operate in Egypt, including those offering services remotely via online platforms. Unconditional Financial Guarantee Now Required As a new safeguard to ensure financial compliance and discipline, the Central Bank now mandates that all licensed institutions submit an unconditional financial guarantee upon obtaining a licence. This guarantee must be in the form of a final, irrevocable, and automatically renewing letter of guarantee issued by a bank registered with the CBE. The value of the financial guarantee must equal 2% of the institution's paid-up capital or the capital allocated specifically for its payment-related activity. This guarantee can be used to impose financial penalties for violations of laws, regulations, or CBE directives. The CBE Board of Directors is authorised to issue such penalty decisions. If the guarantee is partially or fully drawn down, the institution must replenish the amount within 15 business days. The value of the guarantee must also be recalculated annually or whenever changes occur in capital requirements. Submission of this guarantee is a precondition for the full execution of the licence and for ensuring that obligations under the licence are met.