Al-Mashat follows up with the EBRD on outcomes of the FfD4 and initiatives to restructure the global financial system.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, welcomed Gianpiero Nacci,Managing Director, Climate Strategy and Delivery at the European Bank for Reconstruction and Development (EBRD), Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED), Dimitri Koufos, EBRD’s Head of Sustainable Business, Industry, and Agribusiness, and Ms. Reem El-Saady, Regional Principal Manager, SME F&D, Egypt.
The meeting reviewed strengthening joint cooperation in light of the close relationship between both parties.
At the outset of the meeting, H.E. Dr. Al-Mashat welcomed the EBRD delegation, emphasizing the strategic relationship with the Bank and its positive impact on various development areas.
The Minister also commended the constructive cooperation with the Bank in presenting Egypt's file for the Industrial Decarbonization Funding Program of the Climate Investment Funds (CIF), which resulted in Egypt being selected among 7 developing countries worldwide to benefit from the program through technical support, development financing, and grants.
H.E. Minister Al-Mashat followed up with the EBRD delegation on the upcoming steps to benefit from the Industrial Decarbonization Funding Program, to maximize its use in supporting the green transition in the Egyptian industrial sector. This is particularly important given the state's commitment to this transformation as a means of enhancing the access of Egyptian exports to European markets. She noted that this program will mobilize and boost the private industrial sector investments.
H.E. Dr. Al-Mashat added that Egypt's selection among 7 countries confirms the international community's confidence in the national strategies and efforts made to advance climate action. She pointed out that the selection is also an important step towards enhancing the competitiveness of the Egyptian economy and attracting more climate investments.
The Minister underscored that the Egyptian state is working to integrate national policies and development goals with climate objectives, and aims to move forward in implementing policies that incentivize the green transition in cooperation with international institutions.
The two sides also reviewed the outcomes of the Fourth International Conference on Financing for Development (FfD4), which was recently held in Seville, Spain, and the importance of activating them to achieve a more responsive global financial system to the challenges facing developing countries.
H.E. Dr. Al-Mashat highlighted that the final statement of the conference included a reference to the "NWFE" program country platform, considering it a model for innovative country platforms and a tool for restructuring the global financial system.
In this regard, H.E. Dr. Al-Mashat reiterated the significance of continuing the fruitful cooperation with the EBRD and building on progress achieved within the energy pillar of the "NWFE" program to implement its goals and mobilize investments for renewable energy projects with a capacity of 10 GW.
Regarding the latest developments in the energy pillar within the "NWFE" program, H.E. Dr. Al-Mashat expressed gratitude to the EBRD for its ongoing efforts in supporting the necessary arrangements to mobilize financing, whether from its own resources or from other partners, to support private sector projects in renewable energy.
She noted that the "NWFE" program has successfully mobilized $3.9 billion in development financing for clean energy projects, enabling the private sector to develop new renewable energy capacities totaling 4.2 GW, demonstrating Egypt's success in attracting private investments thanks to structural reforms.