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  • Thursday, 07 December 2023

International Financial Institutions promote partnerships with Egypt in Implementing the NWFE program during COP28.

● IFAD and EBRD produceD 2 films on the food and energy pillars within the NWFE program and organizeD 2 sessions during COP28 to review the details of the program and the participation of the private sector in implementing the projects.

● EBRD confirms its commitment to work on implementing projects with a capacity of 10 gigawatts in the field of renewable energy by 2028.

● IFAD: NWFE is a major program for the Government of Egypt to strengthen partnerships between the government and private sectors and stimulate investments to advance the green transformation.

The European Bank for Reconstruction and Development (EBRD) and the International Fund for Agricultural Development (IFAD) highlighted the partnership with Egypt in implementing energy and food projects within the NWFE program, during the participation of the two international institutions in COP28.

The two institutions produced two films highlighting the partnership and joint work with the Ministry of International Cooperation and other national bodies, as well as development partners, over the course of a year since the launch of the NWFE program prior to COP27 to move pledges to implementation, driving Egypt’s green transition, and implementing the country’s priorities, its Nationally Determined Contributions (NDCs), and Egypt’s Climate Change Strategy 2050.

This coincides with the holding of COP28, which issued a declaration on a new framework for climate finance, and the multilateral development banks also issued a joint statement, which included an emphasis on the importance of national platforms based on country ownership in mobilizing climate finance and moving from pledges to implementation.

The government of Egypt is the first to launch the NWFE program as an innovative national platform based on a clear commitment from the state to climate action, clarity in the formulation and implementation of projects, and credibility with the international community, and includes projects based primarily on state ownership and priorities.

The NWFE program platform is a national alternative to the JETP platforms, which was one of the recommendations of the G20, through which countries that use coal intensively in power generation are supported. While Egypt is considered among the countries that contribute the least to emissions, and one of the most affected by climate change, it was launched as an innovative platform to promote climate action, and support the country’s efforts in this framework, based on its priorities.

The NWFE program also brings together various relevant parties from multilateral and bilateral development partners, international institutions, multilateral development banks, international coalitions in the field of climate, investment funds, and the private sector, in order to coordinate and integrate efforts, and enhance joint action, to mobilize innovative financing mechanisms for the 9 projects in the areas of water, food, and energy, in addition to the NWFE+ program projects in the field of sustainable transportation.

The European Bank for Reconstruction and Development

The promotional film produced by the EBRD - the main development partner in the energy pillar - highlights the program’s objectives, what was achieved over the course of a year in partnership with the state, and the objectives of the energy pillar, which works to close thermal power plants with a capacity of 5 GW by 2026 and add renewable energy plants with a capacity of 10 GW by 2028, within the framework of the state’s vision to increase the proportion of renewable energy in the generated energy mix to 42% by 2030, as stipulated in the new update of the NDCs.

Over the course of a year of joint work with the EBRD and other development partners, documents for renewable energy projects with a capacity of 3.7 GW were signed from the private sector, and private sector investments worth $2 billion were mobilized, as well as a debt swap with the German side worth €50 million. In addition to concessional development financing and climate change.

The promotional film also includes testimonials from engineers and workers in energy projects that the bank contributes to financing in Egypt, which enhances job and employment opportunities, as the bank is a major development partner for the Egyptian state, and since 2012 its investments have exceeded about €10 billion for the government and private sectors. The film also includes testimonials from private sector representatives who benefit from the partnership with the EBRD–a contributor to the implementation of the largest solar energy complex in the region and one of the largest projects in the world in Aswan.

The International Fund for Agricultural Development

The IFAD produced a film about cooperation with the state in the technical rehabilitation and implementation of food pillar projects within the NWFE program, which includes 5 projects with investments of about $3.35 billion. The Fund is the main development partner in the food pillar,  and has worked with Egypt for more than 4 decades to implement ambitious projects in the field of agricultural and rural development, support small farmers, and enhance their ability to withstand climate change.

Over the course of a year, the total pledges from multilateral and bilateral development partners have so far reached about $1.74 billion, through cooperation with the Islamic Development Bank (IsDB), the Asian Infrastructure Investment Bank (AIIB), the European Investment Bank (EIB), the French Development Agency (AFD), and the IFAD. Projects in close coordination with the relevant national authorities represented by the Ministry of Agriculture and Land Reclamation and the Ministry of Water Resources and Irrigation.

The promotional film for the IFAD also included testimonials from small farmers and beneficiaries of various projects that enhance their transition to sustainable agricultural systems projects, as the Fund contributed to the implementation of 3 major projects in the field of supporting small farmers out of 14 projects worth $1.1 billion over 4 decades, and the new projects represent a turning point in the Fund’s relationship with the Egyptian state.

The Ministry of International Cooperation held a preliminary event last November to announce the results of work with development partners over the course of a year in implementing the NWFE program, and the first follow-up progress report was issued, which includes all developments achieved since COP27 in Egypt until COP28 in the UAE. 

To download the follow-up progress report of the NWFE program in Arabic: 

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