- In support of the country’s green transition, the NWFE Program and NWFE Plus leverage Egypt’s partnerships with multiple stakeholders, as the country has been leading efforts to mobilise finance and technical assistance
- The program is backed by USD 15 billion in investment
- All initiatives are in line with the 2050 National Climate Change Strategy, Egypt’s ambitious national agenda (Egypt Vision 2030) and its latest Nationally Determined Contributions (NDCs) launched in June 2022
WD News: The partnership agreements for Egypt’s country platform for the NWFE Program and NWFE Plus (where a partnership agreement was signed in the field of transportation) as well as finance agreements for the Egypt partnership agreements for Climate Transition (E-PACT) were formally signed at COP27 – with the participation of H.E. Dr Moustafa Madbouly, Egypt’s Prime Minister, and the engagement of high-level global leaders and climate enthusiasts such as H.E. Secretary John Kerry, US Special Presidential Envoy for Climate; Marc Carney (GfANZ), UN Special Envoy for Climate Action; H.E. Jurgen Zattler, Director General for International Development Policy at German Federal Ministry for Economic Cooperation and Development; Mme Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD); Dr Akinwumi Adesina, President of the African Development Bank (AfDB); Dr Noel Quinn, Group Chief Executive (HSBC); Jay Collins, Vice Chairman, Banking, Capital Markets and Advisory at Citi Bank; Claire Coustar, Managing Director and Global Head of ESG and Sustainable Finance for Investment Bank – Fixed Income & Currencies at Deutsche Bank; Francesco La Camera, Director General for the International Renewable Energy Agency (IRENA).
The NWFE program is in line with Egypt’s Vision 2030, 2050 National Climate Change Strategy and commitment to go “from pledges to implementation” and accelerate Egypt’s implementation of its NDCs. It includes nine projects that represent mitigation and adaptation priority projects encompassing water, food, and energy sectors. The investments worth USD 15 billion will fund implementation with one main energy project (USD 10 billion), five projects for food security and agriculture, and three irrigation and water projects.
These climate action projects, among other points, include developing water desalination capacity and establishing early warning systems.
This program aims to create a scalable model to attract global climate finance that can be replicable regionally and globally.
Source & Images Courtesy: COP27 Presidency
