Blue Mediterranean Partnership to start operating in early 2024
At COP28, partners and donors involved in the Blue Mediterranean Partnership reinforced their support for developing the sustainable blue economy in the southern Mediterranean region. The parties involved signed a letter of intent to make their participation in the Partnership official and to make the Partnership operational in early 2024, according to European Bank for Reconstruction and Development's release.
The Blue Mediterranean Partnership aims to tackle the threats the Mediterranean Sea faces by coordinating the financing of blue economy projects in the Mediterranean and Red Sea regions, focusing initially on Egypt, Jordan and Morocco.
Through a new multi-donor fund managed by the European Bank for Reconstruction and Development (EBRD), the Blue Mediterranean Partnership seeks to secure additional funding from sovereign donors for project preparation and blended finance. The European Commission announced a contribution of €1 million, the Swedish International Development Cooperation Agency (Sida) contributed SEK 75 million (€6.5 million), and the Agence Française de Développement (AFD) announced a €2 million contribution. In the coming months, Germany and Spain are also expected to announce donations, with additional donors to follow.
The European Investment Bank (EIB), AFD, Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP) and the EBRD – will act as implementing financial institutions and cooperate to co-finance blue economy projects, which will benefit from the grants provided by the Partnership, mobilising also existing financial resources provided by the European Commission through the Neighbourhood Investment Platform and the European Fund for Sustainable Development Plus (EFSD+).
Lastly, the beneficiary countries (Egypt, Jordan and Morocco) will lead on identifying strategic blue economy projects in their territories, while the Union for the Mediterranean (UfM) will act as facilitator of the political and regulatory dialogue.
The Blue Mediterranean Partnership was launched in 2022 at COP27 in Egypt and has already received strong political support from beneficiary countries and partners.
The Mediterranean Sea basin is a recognised marine biodiversity hotspot and a vital resource of economic activities for 480 million people living in the region’s 22 countries. Its ecosystem is under threat from habitat loss and degradation, over-fishing, pollution and climate change.
The Partnership aims to bring together international donors, beneficiary countries, interested financial institutions and philanthropic institutions to support policy reforms, attract donor funding, and mobilise public and private financing for projects in the region.
The primary objectives of the Partnership are to support sustainable blue economy investments that crowd-in public and private sector finance, enhance capacity on sustainable and innovative practices and in the design and delivery of projects, and create and reinforce enabling environments for sustainable blue economy investments through the support and development of strategies, policies and regulatory frameworks.
The Partnership’s priority areas include plastic waste reduction, coastal resilience investments, sustainable tourism, wastewater treatment, circular economy, and marine biodiversity.
