Dr. Rania Al-Mashat: The “NWFE” Program Supports the Formulation and Implementation of Structural Reform Policies for Green Transformation in Egypt

Two new private sector projects included in the “NWFE” program, the Resilience and Sustainable Trust (RST) from the International Monetary Fund (IMF)

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasized that adding new projects in the fields of mitigation and adaptation to the country platform of the “NWFE” program strengthens the structural reforms that the government is set to implement to obtain the Resilience and Sustainable Trust (RST) from the International Monetary Fund (IMF), valued at $1.3 billion.

H.E. Dr. Al-Mashat explained that the agreement with the IMF involves implementing a number of structural reforms to carry out the national strategy for climate change and accelerate the green transformation efforts in Egypt. These reforms are being implemented in coordination with the relevant national entities. H.E. added that among these reforms is expanding the scope of the country platform for the “NWFE” program to include additional projects in the fields of mitigation and adaptation, which has already been implemented.

During the launch of the 2nd progress report for the “NWFE” program, H.E. Dr. Mostafa Madbouly, Prime Minister, witnessed the signing of four agreements to include new projects in the “NWFE” program. The first cooperation framework agreement was between the Ministry of Planning, Economic Development, and International Cooperation, and the Norwegian company Scatec, to cooperate in including Scatec’s renewable energy projects in the energy pillar of the program. An additional cooperation framework agreement was signed between the Ministry of Planning, Economic Development, and International Cooperation, the Taqa Arabia Co., and Voltalia Egypt and Jordan, to include the repowering of the Zaafrana project under the energy pillar of the “NWFE” program.

A protocol of cooperation was also signed between the Ministries of Planning, Economic Development, and International Cooperation, PPP Central Unit at the Ministry of Finance, and the Suez Canal Economic Zone (SCZone) to include the Ain Sokhna water desalination plant within the water sector of the “NWFE” program.

Additionally, the Norwegian Scatec company and Egypt Aluminum signed a power purchase agreement (PPA) between Egypt Aluminum and Scatec to establish a 1-gigawatt solar power plant to generate electricity for the industrial complex in Nagaa Hammadi, as part of the energy pillar projects within the “NWFE” program.

The Minister of Planning, Economic Development, and International Cooperation stated that including these projects in the “NWFE” program enables them to benefit from the innovative financing mechanisms provided by the program's international development partners. This strengthens efforts to attract foreign direct investment in green transformation, as the platform offers various financing mechanisms such as development financing, debt swaps, development grants, and technical support to qualify and prepare feasibility studies for the projects.

The Minister emphasized that these efforts confirm Egypt’s priority to transition to a green economy, relying on clean and renewable energy sources, and enhancing the sustainable management of water resources.

To view the 2nd progress report of the "NWFE" program:

 

2nd progress report of the "NWFE" program