At the "Finance, Investment, and Trade Day" During the COP29 Climate Conference Minister of Planning and Economic Development and International Cooperation Discusses Mobilization of Concessional Financing and Private Sector Investments for Energy Projects under the "NWFE" Program with EBRD President

At the "Finance, Investment, and Trade Day" During the COP29 Climate Conference
Minister of Planning and Economic Development and International Cooperation Discusses Mobilization of Concessional Financing and Private Sector Investments for Energy Projects under the "NWFE" Program with EBRD President

 Al-Mashat: Joint efforts have successfully mobilized over $2.5 billion in concessional financing for the private sector and signed renewable energy projects with a capacity of 4.7 GW.

Mobilizing international partnerships to achieve the goals of the National Integrated Sustainable Energy Strategy, which aims to reach 42% renewable energy by 2030.

The success of the "NWFE" program, particularly in the energy sector, has led several governments to seek Egypt's expertise in replicating this experience.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning and Economic Development and International Cooperation, met with Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), to discuss current and future cooperation between Egypt and the EBRD, as well as new avenues for collaboration that align with Egypt's national priorities. The meeting took place during the COP29 Climate Conference in Baku, Azerbaijan, with a particular focus on mobilizing concessional financing and private sector investments for energy projects under the Country Platform for the Nexus of Water, Food and Energy "NWFE" program.

At the start of the meeting, H.E. Dr. Al-Mashat expressed her appreciation for the longstanding and fruitful partnership between Egypt and the EBRD, emphasizing how this strategic relationship has progressed and yielded impactful results. The EBRD’s pivotal role as the lead development partner for the energy pillar of the "NWFE" program has enabled Egypt to attract significant climate investments and concessional financing for renewable energy projects, solidifying the bank’s role in Egypt’s green transition.

 

H.E. Dr. Al-Mashat explained that joint efforts between the Ministry, national entities, and the EBRD have resulted in the signing of renewable energy projects with a total capacity of 4.7 GW, alongside the mobilization of over $2.5 billion in concessional financing from the EBRD and other development banks and international partners. These efforts aim to meet the program's target capacity of 10 GW, while concurrently decommissioning 12 thermal power plants with a combined capacity of 5 GW, in line with the National Integrated Sustainable Energy Strategy’s goal of achieving 42% renewable energy by 2030.

H.E. underscored that the success of the "NWFE" program, particularly in the energy sector, has prompted many governments to express interest in leveraging Egypt’s and its development partners' expertise to replicate this model.

H.E. Dr. Al-Mashat further highlighted that cooperation between Egypt and the EBRD has significantly advanced over the past five years, with both parties working closely across various sectors to achieve Egypt’s development objectives in alignment with its national strategic vision. She reaffirmed the importance of expanding this cooperation to secure innovative financing solutions for the private sector, which plays a critical role in driving sustainable economic growth.

In addressing the broader role of multilateral development banks, H.E. noted that these institutions have proven their resilience and adaptability in addressing global crises, such as the COVID-19 pandemic. She emphasized that the current global context calls for an even greater role for multilateral development banks in supporting developing and emerging economies as they pursue their development agendas. H.E. also expressed optimism about the EBRD’s plans to expand its operations to additional countries.

Looking ahead, H.E. Dr. Al-Mashat expressed her commitment to deepening cooperation with the EBRD, particularly in areas related to human capital development, such as health and education, as well as agricultural development through initiatives like "Decent Life." She also emphasized the importance of boosting industrial development and enhancing the competitiveness of Egypt’s private sector to create sustainable jobs and foster inclusive economic growth.

It is worth noting that the relationship between Egypt and the EBRD dates back to 1991, with Egypt being a founding member. The EBRD recognized Egypt as a potential country of operations in 2012, and in 2015, Egypt became a full country of operations. Since then, the EBRD has supported Egypt’s development efforts with over €12 billion in investments across both the public and private sectors, covering 178 projects. More than 80% of these investments have been directed toward the private sector, bolstering its role in driving economic growth and supporting the national economy.