On November 8, 2022 a new Blue Mediterranean Partnership was launched at the COP27 in Sharm el-Sheikh by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the Union for the Mediterranean (UfM), with the political support from the European Commission. 

The creation of a Blue Mediterranean Partnership responds to the need of boosting and supporting sustainable blue economy in EU's Southern Neighbourhood. The Partnership represents partners' response to EU's commitments to fully integrate the blue economy into the Green Deal, also in light of the priorities outlined in the EU's new Agenda for the Mediterranean. The new Partnership has also received wide political support, including from the European Commission. 

It will bring together international donors, beneficiary countries, interested financial institutions and philantropies to support policy reforms, attract donor funding and mobilise public and private financing for projects initially in Egypt, Jordan and Morocco.