Minister of Planning, Economic Development and International Cooperation Continues Discussions with the International Monetary Fund on Reform Measures Related to the Resilience and Sustainability Facility Financing Worth $1.3 Billion

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held a meeting with the International Monetary Fund (IMF) mission, headed by Ms. Ivana Vladkova Hollar. 

The meeting reviewed the reform measures that the Ministry intends to implement within a package of reforms scheduled to secure $1.3 billion financing from the Resilience and Sustainability Facility (RSF).

The meeting outlined 3 key reforms, which relate to climate-related standards and procedures in the project selection phase within the economic and social development plan, expanding the scope of projects under the Country Platform for Green Projects "NWFE" program, as well as expanding the scope of the asset registration pilot project and conducting analyses of climate risks associated with the geographical location of these assets.

H.E. Dr. Rania Al-Mashat emphasized that the Country Platform for the "NWFE" program is at the core of the measures implemented by the state within the framework of resilience and sustainability financing. 

H.E. Dr. Al-Mashat affirmed that the Ministry, in its role of supervising and implementing the platform, has taken rapid and proactive steps to add new projects. In March, the project to establish a seawater desalination plant in Ain Sokhna within the water pillar, and the second project to develop the Zaafarana station within the energy pillar implemented by Taqa Arabia and Voltalia, were signed.

An agreement was also signed between the Ministry of Planning, Economic Development and International Cooperation and the Norwegian company Scatec to cooperate in including Scatec's renewable energy projects within the energy pillar of the program. Additionally, Scatec signed a power purchase agreement with Egypt Aluminum to establish a 1 GW solar power plant to provide clean energy to the aluminum complex in Nagaa Hammadi.

H.E. Dr. Rania Al-Mashat reviewed the implementation of the Country Platform for the "NWFE" program, particularly regarding the energy pillar, which has attracted development financing for the private sector worth $3.9 billion in just two years to implement renewable energy projects with a capacity of 4.2 GW. The Ministry seeks to increase financing to $10 billion to implement renewable energy capacities of about 10 GW, which supports Egypt's capabilities in the field of renewable energy.

It is worth noting that Egypt is keen to secure RSF funding from the IMF as part of its implementation of the National Climate Change Strategy 2050 and its Nationally Determined Contributions (NDCs) plan.

In coordination with several ministries, the government is implementing a series of reforms under the RSF, focusing on accelerating decarbonization, analyzing climate-related financial risks, enhancing climate data and risk management, building adaptive capacity, strengthening the financial sector’s resilience to climate change, supporting climate finance, and identifying, measuring, and disclosing the impact of investment plans, programs, and projects on national climate change goals.