The Blue Mediterranean Partnership increases support for a sustainable blue economy

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  • Blue Mediterranean Partnership to support the transition to a sustainable blue economy in the Mediterranean region

  • The partnership will become operational in early 2024

  • The partners try to mobilize at least 1 billion investment

At COP28, partners and donors involved in the Blue Mediterranean Partnership strengthened their support for the development of a sustainable blue economy in the Southern Mediterranean region. The parties involved have signed a letter of intent to make their participation in the partnership official and to make the partnership operational in early 2024.

The Blue Mediterranean Partnership aims to tackle the threats facing the Mediterranean Sea by coordinating funding for blue economy projects in the Mediterranean and Red Sea regions, initially targeting 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. Today in Dubai, 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 contribution of €2 million. Germany and Spain are also expected to announce donations in the coming months, with other donors to follow.

The European Investment Bank (EIB), AFD, Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP) and EBRD – will act as implementing financial institutions and work together to co-finance blue economy projects that will benefit from grants provided by the Partnership, mobilizing as well as existing financial resources provided by the European Commission through the Neighborhood Investment Platform and the European Fund for Sustainable Development Plus (EFSD+).

Finally, the beneficiary countries (Egypt, Jordan and Morocco) will lead the identification of strategic blue economy projects in their territories, while the Union for the Mediterranean (UnS) will act as a facilitator of political and regulatory dialogue.


EBRD President Odile Renaud-Basso said: “The Mediterranean region has enormous potential to accelerate economic growth if it is protected and developed in a sustainable way. The EBRD is proud to have been mandated to act as trustee of the Blue Mediterranean Partnership Fund, and we now aim to deliver concrete results. Sustainable development and environmental protection are at the core of the EBRD’s mandate and we will share our experience of achieving impact through environmental partnerships. None of this would be possible without the support of our donors and partners. Only by working together can we solve the challenges for the benefit of millions of people in the region.”


EIB Vice President Ambroise Fayolle said: “It is great news that the Blue Mediterranean Partnership is ready to go live. This initiative is an excellent example of our commitment to restore ocean health and support 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 essential in addressing global challenges such as food security, nature conservation and climate change.


Secretary General of the Union for the Mediterranean Nasser Kamel said: “The Mediterranean region, with its beautiful coastlines and diverse ecosystems, is particularly vulnerable to rising sea levels, water scarcity and extreme weather events. The signing of the Blue Mediterranean Partnership is an important milestone that reflects our shared commitment to work together, pool resources and achieve success in addressing the climate crisis in the Mediterranean.


European Commissioner for the Environment, Oceans and Fisheries Virginijus Sinkevičius said: “We are putting a sustainable blue economy at the top of the agenda in the wider Mediterranean region. We believe that this partnership can contribute to a prosperous future for the Mediterranean countries, so that our seas can continue to provide support for future generations.


Director General of Sida Jakob Granit said: “Enabling investment in wastewater treatment infrastructure, renewable marine energy and sustainable shipping that protects marine resources and creates much-needed jobs is directly in line with Sweden’s development priorities for the MENA region. The Blue Mediterranean Partnership’s Sida support will contribute to regional economic integration and will be an important tool for mobilizing climate finance to vulnerable coastal areas.


General Director of AFD Rémy Rioux said: “The Mediterranean Sea is the cradle of civilization, but also a symbol of the pressures of urbanization, overexploitation and global warming. We have a shared responsibility to do more to protect it and to act in a more coordinated manner, with the right financial instruments and at the right scale. This is why partnerships like BMP are so important. AFD’s contribution to the BMP is also one of the examples of France’s strong commitment to advance the ocean action agenda towards the UN Ocean Conference (UNOC) held in Nice in 2025.

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 region is a recognized hotspot of marine biodiversity and a vital source of economic activity for the 480 million people living in the 22 countries of the region. Its ecosystem is threatened by habitat loss and degradation, overfishing, pollution and climate change.

The partnership aims to bring together international donors, recipient countries, interested financial institutions and philanthropic institutions to support policy reforms, attract donor funding and mobilize public and private funding for projects in the region.

The primary objectives of the partnership are to support sustainable investments in the blue economy that push into the public and private sectors, to strengthen the capacity of sustainable and innovative practices and in the design and implementation of projects, and to create and strengthen an enabling environment for sustainable investments in the blue economy. through the support and development of strategies, policies and regulatory frameworks.

The partnership’s priority areas include reducing plastic waste, investing in coastal resilience, sustainable tourism, wastewater treatment, circular economy and marine biodiversity.











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