2023-12-05 15:33:25
Through a new multi-donor fund managed by the EBRD, the Blue Mediterranean Partnership is seeking additional financing from sovereign donors for project preparation and blended financing.
As part of this partnership, the European Commission announced, on the sidelines of COP28, a contribution of 1 million euros. The Swedish International Development Cooperation Agency (Sida) contributed 75 million Swedish crowns (6.5 million euros) while the French Development Agency (AFD) announced a contribution of 2 millions of euros.
The Blue Mediterranean Partnership will be effective at the beginning of 2024. This is what the partners and donors involved in this partnership have committed to, which aims to combat the threats facing the Mediterranean Sea. Stakeholders signed a letter of intent at COP28 to formalize their participation in the Partnership and make it operational at the start of 2024. This partnership framework aims, in fact, to coordinate the financing of blue economy projects in Mediterranean and Red Sea regions, with an initial focus on Morocco, Egypt and Jordan. Through a new multi-donor fund managed by the European Bank for Reconstruction and Development (EBRD), the Blue Mediterranean Partnership is seeking additional funding from sovereign donors for project preparation and blended finance.
“The EBRD is proud to have been entrusted with acting as fund manager of the Blue Mediterranean Partnership and our objective is now to obtain concrete results,” indicates Odile Renaud-Basso, President of the EBRD. Alongside the signing of the letter of intent, the European Commission announced a contribution of 1 million euros. The Swedish International Development Cooperation Agency (Sida) contributed 75 million Swedish crowns (6.5 million euros) while the French Development Agency (AFD) announced a contribution of 2 millions of euros. In the coming months, Germany and Spain are also expected to announce donations, with other donors to follow. “We have a shared responsibility to do more for its protection and to act in a more coordinated way, with the right financial tools and at the right scale. This is why partnerships like the Blue Mediterranean Partnership are so important. AFD’s contribution to the Blue Mediterranean Partnership is also one of the examples of France’s strong commitment,” notes Rémy Rioux, CEO of AFD. For his part, Jakob Granit, Director General of Sida, indicates: “Sida’s support for the Blue Mediterranean Partnership will contribute to regional economic integration and will be an important means of mobilizing climate finance for vulnerable coastal areas.” It should be noted that the European Investment Bank (EIB), the AFD, the KfW, the Cassa Depositi e Prestiti (CDP) and the EBRD will act as implemented financial institutions and will cooperate to co-finance projects of blue economy, which will benefit from grants provided by the Partnership, also mobilizing existing financial resources provided by the European Commission through the Neighborhood Investment Platform and the European Fund for Sustainable Development Plus (EFSD+). For their part, the beneficiary countries, in this case Morocco, Egypt and Jordan, will be responsible for identifying strategic blue economy projects on their territory, while the Union for the Mediterranean (UfM) will act as a facilitator of political and regulatory dialogue.
They said
Ambroise Fayolle, vice-president of the EIB
“It is excellent news that the Blue Mediterranean Partnership is ready to start operations. The initiative is a great example of our commitment to restoring ocean health and fostering the biodiversity and climate resilience of Mediterranean coastal areas. Supporting the well-being of coastal communities and investing in a sustainable blue economy makes economic sense and is also vital to tackling global challenges such as food security, nature protection and climate change.
Nasser Kamel, Secretary General of the UfM
“The Mediterranean region, with its magnificent coastlines and diverse ecosystems, is particularly vulnerable to sea level rise, water scarcity and extreme climate events. The signing of the Blue Mediterranean Partnership is an important step that reflects our shared commitment to work together, mobilize resources and succeed in addressing the climate emergency in the Mediterranean.
Virginijus Sinkevičius, European Commissioner for the Environment, Oceans and Fisheries
“We are putting the sustainable blue economy at the top of the agenda in the wider Mediterranean region. We believe that this partnership can contribute to the prosperity of Mediterranean countries in the future, so that our seas can continue to provide for future generations.
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