Egypt to mobilise $18.2 billion from development partners for two large green programmes – In early February, the EBRD, EU and GCF announced $175.5 million for Egypt under the Green Economy Finance Facility (GEFF). However, the country’s extensive programmes still require new investment.
Egypt needs $18.2 billion for two large climate change programmes. A meeting was held for this purpose between the country’s authorities and development partners, according to a government statement issued on Sunday 19 February.
The funding will be used to implement the $14.7 billion NWFE and $3.5 billion NWFE+ programmes.
The first programme includes a mega project to replace thermal power plants with renewable energy worth $10 billion, as well as five food security projects requiring $3.5 billion. Three other water projects also require investments of $1.35 billion.
The second programme, for $3.5 billion, will be used to implement several projects aimed at improving sustainable and environmentally friendly transportation efforts. The government’s announcements come as part of a joint policy dialogue between Egypt’s Ministry of International Cooperation and the Development Partners Group in Egypt (DPG), a platform led by the United Nations and USAID.
The 30 or so partners from the North African country attending the meeting expressed their support for the programme’s various funding mechanisms and the implementation plan on which the Egyptian government is working in cooperation with all relevant entities.
Egypt secures cooperation agreements with development partners to advance green transformation efforts and climate investments
“During our discussions with development partners, we have seen a great interest from many of them to contribute to these projects that stimulate climate action and strengthen food security efforts and adaptation to climate change,” said the IFAD representative.
During the COP 27 last November in Sharm el-Sheikh, Egypt, the country of the Pharaohs had obtained the signature of 12 cooperation agreements with development partners to implement NWFE & NWFE+ projects, according to the Minister of International Cooperation, Rania A. Al-Mashat. This meeting of the GDP platform is therefore an extension to advance green transformation efforts.
In addition, the North African country will receive an upcoming technical mission from the Climate Investment Funds (CIF). The objective of the mission is to discuss the development in the implementation of its initiative to promote climate investments through development grants in Egypt.
Egypt to mobilise $18.2 billion from development partners for two large green programmes