Dr. Rania Al-Mashat Follows Up with the EBRD on Next Steps to Benefit from CIF's Industrial Decarbonization Funding Program and Implementation of the "NWFE" Program
09 July 2025
Al-Mashat follows up with the EBRD on outcomes of the FfD4 and initiatives to restructure the global financial system.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic
Development and International Cooperation, welcomed Gianpiero Nacci,Managing
Director, Climate Strategy and Delivery at the European Bank for Reconstruction
and Development (EBRD), Mark Davis, EBRD Managing Director for the Southern and
Eastern Mediterranean (SEMED), Dimitri Koufos, EBRD’s Head of Sustainable Business,
Industry, and Agribusiness, and Ms. Reem El-Saady, Regional Principal Manager,
SME F&D, Egypt.
The meeting reviewed strengthening joint cooperation in
light of the close relationship between both parties.
At the outset of the meeting, H.E. Dr. Al-Mashat welcomed
the EBRD delegation, emphasizing the strategic relationship with the Bank and
its positive impact on various development areas.
The Minister also commended the constructive cooperation
with the Bank in presenting Egypt's file for the Industrial Decarbonization
Funding Program of the Climate Investment Funds (CIF), which resulted in Egypt
being selected among 7 developing countries worldwide to benefit from the
program through technical support, development financing, and grants.
H.E. Minister Al-Mashat followed up with the EBRD delegation
on the upcoming steps to benefit from the Industrial Decarbonization Funding
Program, to maximize its use in supporting the green transition in the Egyptian
industrial sector. This is particularly important given the state's commitment
to this transformation as a means of enhancing the access of Egyptian exports
to European markets. She noted that this program will mobilize and boost the
private industrial sector investments.
H.E. Dr. Al-Mashat added that Egypt's selection among 7
countries confirms the international community's confidence in the national
strategies and efforts made to advance climate action. She pointed out that the
selection is also an important step towards enhancing the competitiveness of
the Egyptian economy and attracting more climate investments.
The Minister underscored that the Egyptian state is working
to integrate national policies and development goals with climate objectives,
and aims to move forward in implementing policies that incentivize the green
transition in cooperation with international institutions.
The two sides also reviewed the outcomes of the Fourth International
Conference on Financing for Development (FfD4), which was recently held in
Seville, Spain, and the importance of activating them to achieve a more
responsive global financial system to the challenges facing developing
countries.
H.E. Dr. Al-Mashat highlighted that the final statement of
the conference included a reference to the "NWFE" program country
platform, considering it a model for innovative country platforms and a tool
for restructuring the global financial system.
In this regard, H.E. Dr. Al-Mashat reiterated the
significance of continuing the fruitful cooperation with the EBRD and building
on progress achieved within the energy pillar of the "NWFE" program
to implement its goals and mobilize investments for renewable energy projects
with a capacity of 10 GW.
Regarding the latest developments in the energy pillar
within the "NWFE" program, H.E. Dr. Al-Mashat expressed gratitude to
the EBRD for its ongoing efforts in supporting the necessary arrangements to
mobilize financing, whether from its own resources or from other partners, to
support private sector projects in renewable energy.
She noted that the "NWFE" program has successfully mobilized $3.9 billion in development financing for clean energy projects, enabling the private sector to develop new renewable energy capacities totaling 4.2 GW, demonstrating Egypt's success in attracting private investments thanks to structural reforms.
-
-
-
-
copied successfully
