Minister of Planning, Economic Development, and International Cooperation Participates in Main IMF Event on Catalyzing Climate Investments

⁠Dr. Rania Al-Mashat: Egypt has made significant progress in structural reforms in the renewable energy sector, enhancing its position as a regional hub for energy and investments in the green economy.

 

Suez Canal Economic Zone is an attractive destination for regional and global investments in green hydrogen and renewable energy.

 

$4 billion in concessional financing for the private sector under the "NWFE" program to finance renewable energy projects.

 

Transition to a green economy in Egypt enhances opportunities for foreign investments.

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in a panel discussion titled "Catalyzing Climate Investments: Unlocking Capital for Sustainable Growth" organized by the International Monetary Fund (IMF), with the participation of Mr. Max Fontaine, Minister of Environment and Sustainable Development of Madagascar, Mr. Debora Revoltella, Director of Economics at the European Investment Bank, and Mr. Eric Pelofsky, Vice President of the Rockefeller Foundation, moderated by Catherine Pattillo, Deputy Director of the IMF.

 

During her speech at the session, H.E. Dr. Rania Al-Mashat stated that we cannot discuss green hydrogen without considering the journey we have undertaken in the field of renewable energy, emphasizing the importance of renewable energy sources such as solar and wind that Egypt is blessed with, explaining that Egypt's pursuit to start green hydrogen production began in 2014.

 

H.E. added that green hydrogen is playing an important role in Egypt recently, as the country, thanks to its abundant renewable energy sources, can provide essential aspects of green ammonia for export to European countries, and the Egyptian state has several projects in the Suez Canal Economic Zone, all of which focus on green hydrogen as a key component.

 

Al-Mashat pointed out the importance of international partnerships in this field, Egypt has several international partners, including the European Investment Bank, affirming that the green transition is not only related to nationally determined contributions but is also a developmental issue concerning growth, employment, and manufacturing. There is a complete chain of economic activities that enhance productivity in countries, and these activities are directly linked to climate investments.

 

Dr. Rania Al-Mashat also discussed the "NWFE" platform, the water, food and energy nexus, which is one of the projects that helps us meet our Nationally Determined Contributions (NDCs), such as our goal to reach 42% renewable energy by 2030. Al-Mashat added that since the launch of the "NWFE" platform in 2022, approximately $4 billion in developmental financing has been mobilized for the private sector to finance renewable energy investments.

 

During her speech, H.E. Dr. Rania Al-Mashat also emphasized the importance of clarifying the different sources of funding available, and the importance of raising awareness among countries of the different sources of funding, confirming the importance of governments collaborating with the private sector to learn how to utilize these resources.

 

Furthermore, H.E. explained that Egypt has strong relations with many bilateral and multilateral institutions, as the Egyptian state provides a platform for these institutions to work together, so we find the European Investment Bank, the European Bank for Reconstruction and Development, the French Development Agency, and the Japan International Cooperation Agency working together on joint projects, whether in the fields of sustainable transport, renewable energy, or other areas.

 

Lastly, Al-Mashat reaffirmed the necessity of more dialogue between countries, and the importance of discussing the experiences of different countries, so that those who have not yet started can design their own projects and benefit from diverse experiences, which helps save time, especially in light of the current global circumstances that require rapid movement in developing regulatory frameworks, policies, and financing.

 

H.E. also addressed the partnership with the International Monetary Fund (IMF) and the recent approval regarding the $1.3 billion Resilience and Sustainability Facility, affirming that the agreement with the IMF includes implementing structural reforms to support the National Climate Change strategy and accelerate the green transition in Egypt. H.E. noted that expanding the "NWFE" program to include new mitigation and adaptation projects is a key part of these reforms, which have already been implemented.