In the face of increasing threats to coral ecosystems and the recent announcement of the fourth global coral bleaching event, the Global Fund for Coral Reefs (GFCR) Executive Board has announced a total of over US$25 million in additional grant funding to scale up resilience efforts across coral nations.
Announcements include a new blended finance programme for Egypt’s Red Sea, funded by the US Agency for International Development (USAID).
The new Egyptian Red Sea Initiative aims to increase the protection of one of the longest-living and most resilient reef ecosystems in the world. Supported by a major funding commitment from USAID, this initiative, in partnership with the Egyptian government and the United Nations Development Programme (UNDP), will establish a landmark “Egyptian Fund for Coral Reefs” to leverage up to $50 million in private and public funding for sustainable blue economic transition and conservation efforts.
Additional market-based solutions include a coral reef business incubator, organic waste recycling for coastal farming, aquaculture to support ecosystem restoration and mooring systems to avoid boat-related reef damage.
According to USAID/Egypt Mission Director Sean Jones:
“The Egyptian Red Sea Initiative is a groundbreaking collaboration in blended finance to conserve Egypt’s coral reefs. USAID, in partnership with the Government of Egypt, international and local organisations, and private and non-profit donors and investors, is committed to safeguarding the Red Sea’s vital ecosystem and the communities it supports, while promoting economic growth and sustainable development for the Egyptian people.”
Additional new GFCR Executive Board announcements also include funding uplifts for the Mesoamerican Region; country programs in Indonesia and the Philippines; as well an initiative focused on Pemba Island, Zanzibar.
For more information about the GFCR’s efforts, go to globalfundcoralreefs.org.
