H.E. Minister of Planning, Economic Development & International Cooperation Meets with the European Union on Enhancing Climate Finance Strategies & Preparations for the COP29 Climate Conference

In Line With Efforts to go From Pledges to Implementation with Development Partners:
H.E. Minister of Planning, Economic Development & International Cooperation Meets with the European Union on Enhancing Climate Finance Strategies & Preparations for the COP29 Climate Conference

 

“Al-Mashat”: Several European institutions contributed to preparing “Sharm El-Sheikh Guidebook for Just Financing”, reflecting our cooperation in implementing  joint strategies to expand climate financing for the public and private sectors.

Green transformation and climate finance systems are a key part of joint strategies with various international partners.

The European Union (EU) has strengthened the government ’s efforts in the field of green hydrogen and is moving forward to implement many programs that support low-emission development efforts.

The meeting discusses technical support from the European Union and cooperation programmes being implemented at the regional level.

 

Within the framework of a series of meetings launched by the Ministry of Planning, Economic Development and International Cooperation with development partners to follow up on joint investment portfolios and future priorities, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, discussed with the Head of the European Union (EU) Delegation to Egypt, Christian Berger, a number of mutual work files, within the framework of the strategic partnership between Egypt and the EU. A key part of the discussions was dedicated to enhancing climate finance strategies and preparations for the COP29 Climate Conference, in continuation of the efforts made with development partners to move from pledges to implementation.

 

Al-Mashat stressed that the meeting with the EU comes within the framework of meetings that will be held with development partners as a part of the Ministry of Planning, Economic Development and International Cooperation efforts to support government ’s commitment to achieve economic and social development, setting priorities in line with Egypt’s vision and government’s program for the next three years, enhancing the role of development partners in providing financing to the private sector, and implementing structural reforms.

 

During the meeting, they discussed ongoing efforts to finalize the procedures of the first phase of the Macro-Financial Assistance (MFA), the structural reforms being implemented, as well as the investment guarantees to be provided to the private sector within the framework of encouraging local and foreign investments in many priority sectors, future projects, especially in the low-emission industries sector, supporting the national population strategy, and continuing technical support mechanisms through the “Technical Assistance and Information Exchange (TAIEX)” mechanism.

 

Country Platform for the NWFE Program

 

The meeting also discussed developments in cooperation with the European Union in implementing the country platform for the "NWFE" program, through a grant signed during the climate conference worth  €35 million to support Egypt's efforts in the energy pillar of the program. This is in addition to cooperation within the framework of supporting the government's efforts to encourage investments in the field of green hydrogen. Al-Mashat pointed out that a memorandum of understanding was signed on a strategic partnership between Egypt and the EU at COP27 to cooperate in the production of green hydrogen and its derivatives, adding that the ministry is currently coordinating with the EU in the water pillar through the project "Enhancing Adaptation to Climate Change in the North Coast and the Nile Delta" by providing technical assistance.

 

Moreover,  Al-Mashat pointed out the regional partnerships and regional cooperation programs for the Mediterranean Basin 2021-2027, as it represents one of the most important regional programs that aim to contribute to the growth of the Mediterranean Basin by strengthening partnerships, encouraging policy discussions, responding to global challenges, and supporting the sustainable development goals within the 2030 Agenda.

 

On the regional level, Al-Mashat added that the Ministry signed a letter of intent on the "Mediterranean Blue Partnership" at COP 28, explaining that the statement will be implemented in coordination with a number of development partners.

 

The meeting addressed the most prominent financing agreements signed by the Ministry during the investment conference between Egypt and the European Union; at the regional and bilateral levels, the most prominent of which included a memorandum of understanding on “total financial assistance”, the “EU4YES - EU Support for Youth Employability and Skills in Egypt”, in addition to the “Green Sustainable Industry” program and others.

 

Climate Finance Strategies & Systems

 

The meeting also discussed preparations for the COP29 Climate Conference in Azerbaijan, and building on the efforts made in the past two editions, whether through the launch of the “NWFE” program, and the Sharm El-Sheikh Guidebook for Just Financing, as one of the initiatives adopted by the Egyptian presidency of the COP27 Climate Conference, to enhance just climate financing efforts. The Minister of Planning and International Cooperation explained that several European institutions contributed to preparing the “Sharm El-Sheikh Guidebook for Just Financing”, and the ministry is working to implement joint strategies to expand climate financing for the public and private sectors, stressing that the green transformation and climate financing systems are a key part of the joint strategies with various international partners.

 

Technical Support

 

The meeting also discussed the efforts made by the Ministry to enhance the Egyptian-European partnership, through its chairmanship of the two subcommittees: “Transport, Environment and Energy” and “Information Society, Audiovisual Media, Communications, Scientific Research, Innovation, Education and Culture”, with the participation of various relevant entities, and the Ministry’s preparations to hold meetings within the framework of the two committees to discuss current and future cooperation.

 

The meeting also addressed technical support efforts through the various mechanisms provided by the European Union, including the TAIEX mechanism, and workshops organized with the participation of entities and stakeholders, as 33 events and activities were organized during the period from 2020 to 2023, in the fields of carbon credit, coastal land management, taxes, public administration, youth participation, water management, and many other sectors.

 

The two sides pointed out that the SIGMA governance and management improvement program, which is being implemented during 2024 and 2025, supports the administrative reform plan, supports the effective implementation of public financial systems, and enhances technical support within the framework of Egypt's Vision 2030.

 

It is worth noting that during the Egyptian-European summit last March, H.E. President Abdel Fattah El-Sisi and Ursula von der Leyen, President of the European Commission, signed the political declaration to enhance relations between Egypt and the European Union to the level of a strategic partnership, under which the EU provides a financing package worth €7.4 billion, including €5 billion to support macroeconomic stability, €1.8 billion in investment guarantees, and €600 million in development grants.