“Al-Mashat”: $154 million in the first phase of the program for 130 private sector projects
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, attended the closing ceremony of the first phase of the Green Economy Financing Facility (GEFF I), implemented by the European Bank for Reconstruction and Development (EBRD), in the presence of Mark Bauman, Vice President of the EBRD, Mark Davis, Managing Director for the Southern and Eastern Mediterranean (SEMED) region of the Bank, and representatives of the private sector and beneficiary banks of the program.
In her speech, H.E. Dr. Rania Al-Mashat explained that the Green Economy Financing Facility (GEFF I) embodies our shared commitment to enhance resilience, support inclusion, and advance environmental sustainability, explaining that in its first phase, the mechanism contributed to injecting financing worth $154 million benefiting 130 projects, enabling micro, small and medium enterprises (MSMEs) to adopt innovative and sustainable technologies. By combining technical support with various incentives, the initiative contributed to reducing operational costs, enhancing competitiveness and building a strong foundation for an inclusive, resilient and sustainable green economy.
Al-Mashat welcomed the launch of the second phase of the mechanism, which expands its scope to include climate change mitigation and adaptation projects, including sustainable land management, circular economy practices, and resource efficiency. Approximately $175.5 million will be allocated for the private sector in Egypt through commercial banks, reflecting the Egyptian government's ongoing commitment to reducing carbon emissions, enhancing competitiveness, and addressing urgent climate priorities.
H.E. emphasized that are consistent with Egypt's broader approach to climate financing, in light of global efforts to mobilize innovative financing solutions, especially in light of the global need for climate financing estimated at $7.4 trillion annually by 2030. Egypt has become a regional leader in leveraging concessional development financing, innovative financing mechanisms, and debt swap programmes to promote climate action.
Furthermore, H.E. noted that at the heart of these efforts is the Country Platform for the NWFE program (The Water, Food, and Energy Nexus), which represents a qualitative shift in integrated climate action. The platform, based on the National Climate Change strategy 2050, is a comprehensive model for adaptation and mitigation, that enhances resilience and aligns with global climate goals. It also highlights Egypt's leadership in mobilizing innovative financing mechanisms that ensure inclusiveness and sustainability at the national and regional levels.
H.E. stated that the European Bank for Reconstruction and Development (EBRD) is a key development partner by mobilizing concessional financing and private sector investments, contributed to mobilize $3.9 billion to implement projects with a capacity of 4.2 gigawatts.
During the event, the Minister of Planning, Economic Development and International Cooperation and the Vice President of the EBRD honored the banks that benefited from the mechanism in its first phase, contributing to increasing financing for small and medium enterprises (SMEs) and green projects.