● Al-Mashat: Egypt looks forward to more joint work with the European side to confront climate change and its negative repercussions and stimulate the transition to a green economy.
● Executive Director of Climate Action: NWFE is considered a model for other countries to follow.
During her participation in the activities of the Egypt - EU Association Council in Brussels, the Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, held a bilateral meeting with the Director General for Climate Action at the European Commission, Kurt Vandenberghe, where the two sides discussed the joint efforts made within the framework of the economic partnership with the Europe team to enhance climate action and future priorities to confront climate challenges and contribute effectively to efforts to transition to a green economy.
Al-Mashat expressed her appreciation for the existing cooperation with the European team in various fields, especially the green transformation and confronting climate repercussions through concessional development financing and technical support, in addition to the ongoing cooperation with European banks represented by the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) to provide various financing and technical support mechanisms to support the country’s efforts in implementing its climate ambition.
Al-Mashat also pointed to the great efforts made with European partners over the past period, especially since COP27, in Sharm El-Sheikh, to support climate action efforts in Egypt, by supporting the projects of the NWFE program, the nexus of water, food and energy projects, as well as sustainable transportation through the NWFE+ program, whether through partnership with the European Union, countries, or European banks.
H.E. expressed the government’s aspiration for more joint work in this framework, in a way that enhances the confrontation of climate change and its negative repercussions and stimulates the transition to a green economy, explaining that within the framework of the NWFE programs, a letter of intent was signed with the European Commission, during COP27. The letter allocated a grant of €35 million to support Egypt’s efforts in the energy pillar, through blended financing with EBRD, by adopting green energy projects mainly in accordance with Egypt’s national priorities, for a total amount of €200 million.
Al-Mashat said that a memorandum of understanding was signed regarding the strategic partnership between Egypt and the European Union, during COP27, for cooperation in the field of production, consumption and trade of green hydrogen and its derivatives, noting the ongoing cooperation with the EBRD as the main development partner in the energy pilar within the programme, as well as the EIB as the main development partner in the sustainable transport pillar.
For his part, the Director General of Climate Action referred to many areas of joint cooperation between the two sides, including green hydrogen, renewable energy, and the voluntary carbon market, reviewing the goals of the carbon border adjustment mechanism.
The Executive Director for Climate Action applauded the NWFE program, as well as the NWFE+ program, stressing that the platform is considered a model for other countries to emulate, with the aim of enhancing climate action through financing green projects in the areas of water, food, energy, and sustainable transportation.
It is worth noting that, during the activities of the Egypt - EU Association Council, Al-Mashat presented a recent report entitled “A Shared Development Vision for Progress and Prosperity,” which included a presentation on the Egyptian-European partnerships over a period of 4 years.
Al-Mashat explained that in confirmation of these relations, international partnerships with the Team Europe initiative, through development financing, amounted to about $12.8 billion for the government and private sectors over 4 years, with $7.3 billion for the government sector and $5.5 billion for the private sector, which resulted in attracting investments from European companies in priority sectors, adding that these funds were directed to priority sectors throughout the country, led by sustainable infrastructure, renewable energy and electricity, food security, health and education, sustainable transport, water and sanitation networks, and small and medium enterprises, environment, solid waste management, women’s empowerment, and other programs.
To Read the Ministry of International Cooperation’s report on the partnership with Team Europe: https://moic.gov.eg/page/egypt-team-europe