● The Climate Investment Fund (CIF) provides $44 million in development financing and grants to promote climate-smart agriculture, agribusiness, and coastal zone management.

● The Glasgow Financial Alliance  (GFANZ) forms a working group that includes 6 banks and international institutions to enhance technical support and consultation for the “NWFE” program.

● Signing a memorandum of understanding with the International Renewable Energy Agency (IRENA) to benefit from the energy transition acceleration platform and the climate investment platform

The 1st progress report of the NWFE program, issued by the Ministry of International Cooperation on the occasion of the one-year anniversary of the launch of the Country Platform, the NWFE program, a nexus of water, food and energy projects, unlocked the launch of a number of partnerships with global alliances supporting climate action to enhance green transformation efforts in Egypt.

Climate Investment Funds

The report pointed to the partnership with the Climate Investment Fund (CIF), through the Investing in Nature, People & Climate Investment Program, to benefit from the development financing and technical support provided by the CIF to support climate action in developing countries and emerging economies.

Established in 2008, the CIF works to accelerate climate action in more than 70 developing countries, by providing grants and concessional development financing to enable transitions in clean energy, resilience, nature-based solutions and other areas, and by making long-term financing that ensure risk reduction and cost of climate finance.

Nature, People & Climate Investment Program (NPC)

The NWFE progress report  indicated that Egypt's NWFE program - won first place at the level of North Africa and the European continent, in the NPC Program, which was announced during the climate conference. This was prepared through holding many national consultations in cooperation between the Ministry of International Cooperation and development partners (the European Bank for Reconstruction and Development (lead partner), the African Development Bank, the World Bank, and the International Finance Corporation.

The report noted that through this initiative, the CIF is providing technical assistance worth $500,000 (a grant) to implement the necessary study, and $40 million will also be provided through concessional development financing, and a grant worth $4 million, explaining that discussions are now underway. The World Bank (the main development partner) worked with the International Finance Corporation, the European Bank for Reconstruction and Development, and the African Development Bank to begin preparing the investment plan. A technical mission from the CIF was consulted early last October, which concluded by setting 3 main areas to focus on in Egypt within the initiative, which is climate-smart agriculture, including water management, agribusiness and finance, and coastal zone management.

The GFANZ

Moreover, the Ministry of International Cooperation opened discussions with the Glasgow Financial Alliance (GFANZ), to support the Egyptian government’s efforts in implementing the energy pillar of the NWFE program, in light of its extensive experience in attracting the private sector.

Through coordination with the Ministry of International Cooperation, and in coordination with the European Bank for Reconstruction and Development, which plays the role of the main development partner in the energy pillar, the GFANZ coalition formed a private financing working group that can play a pivotal role in mobilizing financing. By strengthening consultation efforts, overcoming challenges, and identifying methods and tools that help mobilize private financing on a large scale, the working group currently includes 6 international financial institutions: Bank of America, Citigroup, Commercial International Bank, Deutsche Bank, HSBC, and Standard Chartered.

The GFANZ is the world's largest alliance of financial institutions committed to transforming the global economy to net zero emissions. It was launched in April 2021 by the United Nations Special Envoy for Climate Action and Finance Mark Carney and the COP 26 Presidency, in partnership with the COP26 Campaign. UNFCCC Race to Zero, to coordinate efforts across all sectors of the financial system to accelerate the transition to a net zero network.

https://www.gfanzero.com/press/gfanz-private-finance-working-group-for-nwfe-statement-of-support/

The International Renewable Energy Agency (IRENA) 

The Egyptian government, through the Ministry of International Cooperation, launched consultations with the IRENA for support in many projects of the NWFE program through platforms for climate investment and other advisory services provided by the agency in new and renewable energy. This is within the framework of communication and continuous coordination with bilateral and multilateral development partners in order to enhance Egypt’s opportunities to obtain technical support, concessional financing, and investments from the private sector. 

A mission was sent from the agency before COP27 in Sharm El-Sheikh to discuss ways of joint cooperation within the framework of the Platform, and the efforts have yielded results. Highlighting joint coordination between Egypt and IRENA, an MoU was signed to enable the Egyptian government to use investment platforms, which is the climate investment platform, is a joint initiative between the IRENA, UNDP and the Sustainable Energy for All (SEforALL) programme, in collaboration with the Green Climate Fund (GCF). CIP's mission is to increase capital mobilization and impact investing in renewable energy in developing countries.

This is in addition to the Energy Transition Acceleration Finance (ETAF) platform, which is a comprehensive multi-stakeholder climate finance platform, managed by the IRENA to promote the global energy transition in developing economies.

The agency has identified three projects that serve to enhance the transition to renewable energy, within the three pillars. This includes the energy pillar: “Replacing Inefficient Thermal Power Plants with Renewable Energy”, in the water pillar: “Water Desalination of Using Solar Energy” and in the food pillar: “Modernizing Irrigation System in Old Agricultural Lands”