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  • Wednesday, 09 November 2022

Rania Al-Mashat, Minister of International Cooperation, meets Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD) at the Climate Conference COP27

• The Minister of International Cooperation commends the joint work with the European Bank to mobilize private sector stimulus funding under the "NWFE" program

• President of the European Bank: We thank Egypt for hosting the climate conference in the charming city of Sharm el-Sheikh. The "NWFE" program is a pilot model for mobilizing climate finance

Dr. Rania Al-Mashat, Minister of International Cooperation, held a bilateral meeting with the President of the European Bank for Reconstruction and Development, Ms. Odile Renaud-Basso, in the presence of Mr. Mark Bowman ", Vice President of the Bank, and Ms. Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean Region.

At the beginning of the meeting, the Minister of International Cooperation thanked the President of the Bank and the European Bank Task Force for the ongoing efforts and coordination over the past period to coordinate efforts at the level of development partnerships and stimulate private sector investment within the national green projects platform. "We commend the coordination and complementarity among the national stakeholders in order to make this platform a success and strengthen Egypt's efforts to move from pledges to implementation.

Al-Mashat explained that the efforts made since July and the launching of “NWFE” platform around 4 months prior to the climate conference are very significant, reflecting the strong relations between Egypt and multilateral and bilateral development partners, its role in promoting national development efforts and supporting the implementation of the National Climate Change Strategy 2050, and the nationally determined contributions of NDCs. 

For her part, the President of the European Bank for Reconstruction and Development commended Egypt's organization of the COP27 climate conference and the glamorous nature of the city of Sharm el-Sheikh, which embraces the world at this vital time in order to support the transition from pledging to implementation. The platform is a pioneering model with a crowd of development partners and the private sector. President Abdelfattah el-Sisi's focus on this platform in his address to the Leaders' Summit reflects his strong support.

The European Bank for Reconstruction and Development (EBRD) is coordinating work between development partners and international institutions on the energy hub within the National Platform for Green Projects "NWFE" program.