Dr. Rania Al-Mashat presents Egypt’s experience in formulating and implementing the “NWFE” program to mobilize climate finance and attract private sector investment in mitigation and adaptation projects

In a special session organized by the European Bank for Reconstruction and Development (EBRD) during the Annual Meetings to exchange expertise, with representatives from Morocco, Kazakhstan, Tunisia, Jordan, Nigeria, and others

 

Dr. Rania Al-Mashat presents Egypt’s experience in formulating and implementing the “NWFE” program to mobilize climate finance and attract private sector investment in mitigation and adaptation projects

 

⁠Al-Mashat: The “NWFE” country platform program is a key pillar of the National Climate Change Strategy 2050.

 

⁠The program is based on country ownership in preparing bankable projects and creates an approach for innovative partnerships between international institutions and the private sector.

 

Over two years, the program has gained significant support in various international forums.

 

The “NWFE” platform includes a set of innovative financing tools, debt-for-climate swaps, and technical support to ensure effective project implementation.

 

During the annual meetings of the European Bank for Reconstruction and Development, held in the United Kingdom from May 13–15, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, reviewed Egypt’s experience in launching the country platform of the “NWFE” program, as a model for innovative climate platforms working to mobilize climate investments and strengthen national strategies to share experiences, expertise, and best practices with the bank's member countries.

 

This came during a special session organized by the European Bank for Reconstruction and Development (EBRD) in the presence of Dr. Heike Harmgart, EBRD Regional Director for Sub-Saharan Africa, Mr. Mark Davis, EBRD Regional Director for the Southern and Eastern Mediterranean region, and representatives from Kazakhstan, Morocco, Jordan, Nigeria, Tunisia, and a number of other countries.

 

The Minister of Planning, Economic Development, and International Cooperation presented the efforts made to formulate and implement the country platform of the “NWFE” program, its institutional and organizational structure, and mechanisms to attract the private sector to finance climate change mitigation and adaptation projects.

 

H.E. Dr. Rania Al-Mashat emphasized that the “NWFE” program represents the nexus between water, food, and energy projects, as Egypt launched the program in July 2022 to drive green transformation efforts and move from climate pledges to actual implementation. The program is a result of cooperation among national entities under the umbrella of the National Climate Change Strategy 2050. The program is based on Egypt's Vision 2030 and aims to accelerate the implementation of the national climate agenda.

 

The Minister of Planning, Economic Development and International Cooperation added that the “NWFE” platform provides opportunities to mobilize climate finance and attract private investments to support the green transition in Egypt through feasible, implementable climate projects that link climate action with development efforts and turn climate pledges into practical steps.

 

Al-Mashat pointed out that the “NWFE” program is a practical and effective model of the country platforms concept, recommended by the G20 in 2018, which emphasized the importance of national leadership in coordinating all partners’ efforts to achieve more impactful and sustainable results.

 

H.E. affirmed that the “NWFE” program was formulated according to national visions and strategies to provide concessional development financing, mobilize private sector investments, technical support and expertise to implement green projects in the fields of adaptation and mitigation of climate change repercussions.

 

H.E. also added that the program is based on the principle of national ownership, cross-sectoral coordination, and large-scale, high-impact implementation. The program also supports Egypt’s updated Nationally Determined Contributions (NDCs) for 2023, which target increased renewable energy rates by 2030, noting that the program was officially announced at COP27 and gained significant international support during COP28 and COP29, explaining that  during the last climate conference, 12 multilateral development banks issued a joint statement on national climate action platforms, highlighting Egypt’s “NWFE” country platform launched in 2022 to enhance green investment strategies.

 

In this context, she clarified that the country platform of the “NWFE” program includes nine priority projects in the energy, food, and water sectors, selected from the National Climate Change Strategy 2050, with the addition of sustainable transport projects, under the name “NWFE+,” with the participation of national entities and relevant stakeholders.

 

H.E. confirmed that these pillars contribute to supporting Egypt’s transition toward a low-emission economy, achieving the goals of “Egypt Vision 2030” and the National Climate Change Strategy 2050, as well as attracting regional and international investments in sustainable development. The “NWFE” program proves that clear policies, effective partnerships, and integrated coordination can effectively address climate challenges and provide a replicable model for other countries.

 

Furthermore, H.E. noted that the country platform of the “NWFE” program, in partnership with international financial institutions, global alliances, and investment funds, has provided innovative financing tools to stimulate private sector investments in green projects, noting that in just two years, we have successfully mobilized $3.9 billion in concessional financing for the private sector to implement renewable energy projects with a capacity of 4 gigawatts, in addition to enhancing investments in the national electricity grid.

 

H.E. extended her gratitude to the main development partners for each pillar: the European Bank for Reconstruction and Development for the energy pillar, with special thanks to Odile Renaud Basso, President of the EBRD for her efforts, the African Development Bank (AfDB) and the International Fund for Agricultural Development (IFAD) for water and food, and the European Investment Bank (EIB) for sustainable transportation, in addition to all bilateral and multilateral development partners involved in the different phases of the “NWFE” program.