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  • Thursday, 30 June 2022

The Ministry of International Cooperation with the EU, IFC & USAID: Paving the Way for Partnerships in Climate Action & Entrepreneurship

This week, the Ministry of International Cooperation participated in several activities including;  an introductory workshop on the  European Union’s European Fund for Sustainable Development (EFSD) with the participation of over 100 representatives from ministries, government entities, and the private sector; the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat witnessed a $150 million development signing agreement between the International Finance Corporation (IFC) and Elsewedy Electric; and the Ministry and the USAID launched a program to support entrepreneurship in addressing climate change. 

In cooperation with the European Union mission in Egypt, the Ministry of International Cooperation had organized an introductory event, launching the “European Fund for Sustainable Development (EFSD)”; a basis for the new mechanisms that will be used in the partnership between Egypt and the EU. The discussions included potential cooperation areas and blended and innovative financing opportunities for mega projects. 

In line with the national 2030 agenda, this workshop was also attended by representatives from the ministries of electricity and renewable energy, agriculture and land reclamation, housing and utilities, transport, environment, trade and industry, supply and internal trade, health, irrigation, finance, communications and information technology, civil aviation, public business sector, education, petroleum and mineral Resources, foreign affairs, high education and scientific research, local development, Micro, Small and Medium Enterprises Development Agency (MSMEDA), Urban Development Fund, Suez Canal Economic Zone (SCZONE), General Authority for Investment and Free Zones (GAFI), Industrial Development Authority, the Central Bank of Egypt (CBE), National Bank of Egypt, Banque du Caire, ALEX Bank, QNB Bank, Agricultural Bank of Egypt, and several companies: Orascom Group, Hassan Allam, Rowad, Metito, Arab Contractors, Credit Guarantee Company, and the Confederation of Egyptian-European Business Associations. 

Also this week,  Al-Mashat virtually witnessed the signing of a development financing agreement between the IFC and Elsewedy Electric worth $150 million to help strengthen and expand company operations, sustainable manufacturing, and increase access to renewable energy across several countries in Africa. The secured amount, in addition to financing from the First Abu Dhabi Bank (FAB) and the Europe Arab Bank, will support Elsewedy Electric in financing new solar power plants in Africa to improve energy efficiency in existing industrial complexes, and to build and purchase power plants. 

Moreover, in accordance with the importance of empowering innovators, the Ministry of International Cooperation and USAID launched a program to support entrepreneurship that works to curb the effects of climate change, as part of the Youth Entrepreneurs Network (YEN). The program provides integrated support for entrepreneurs via training, incubation programs, and accelerators, and also provides an opportunity for distinguished projects to be presented at the COP27, while offering support in transforming ideas into tangible on-ground projects. With over a 1000 having already applied, registration is open until July 2 for ideas: and for startups: 

Al-Mashat expressed that climate action is a top priority on a global and national level, and that the participation of youth with innovative ideas and pioneering projects can positively impact the approach to climate action, through adaptation and mitigation projects. Additionally, the USAID emphasized working with the Government of Egypt and the private sector to promote climate action projects, and to provide development financing in implementing green projects.