Egypt signs $14B agreements to finance NWFE initiative

CAIRO - 17 November 2022: The Egyptian government has adopted several initiatives for green transformation and achieving comprehensive and sustainable development, the most important of which is the "NWFE" initiative, which witnessed financing of about $14 billion, according to the Minister of Finance Mohamed Maait.

 

Maait elaborated the financing came through the signing of several agreements on the sidelines of the "Funding Day" activities to provide appropriate financing from several parties to achieve sustainable food security, the transition to clean and renewable energy and the development of the water sector.

 

The minister stressed the importance of the role of international financial institutions in providing low-cost and concessional financing to emerging economies; in a way that contributes to adapting and coping with the negative consequences of climate change and the gradual transition to a green economy based on the use of clean energy resources such as green hydrogen, which represents a great opportunity for Egypt to become a pioneer in its field of production.

 

This came in a virtual meeting with Jay Collins, Vice Chairman of the Board of Directors of “Citibank for Banking Services”, and a group of international investors on the sidelines of the Climate Summit in Sharm El-Sheikh.

 

The minister pointed out the need for decisive implementation of environmentally friendly projects that help in addressing climate damage and the transition to a clean economy by converting international pledges and promises into implementation initiatives on the ground.

 

Maait added that the government is proceeding with confident and serious steps in implementing economic and structural reforms by deepening the participation of the private sector and bringing non-oil exports to $100 billion in the medium term, in a way that contributes to improving the business environment and increasing the competitiveness and productivity of the economy.

 

He pointed to the flexibility of foreign exchange sources, as the tourism sector witnessed strong growth, achieving revenues of $11 billion during the past fiscal year. The Suez Canal achieved its highest level of revenues by $7 billion, and foreign direct investment increased by 58 percent to reach $8 billion.

 

The Minister of Finance held several other meetings with representatives of a number of international private sector companies, including: “Visa”, “MasterCard” and “Vodacom”, to discuss possible ways of cooperation with the Egyptian government represented by the Ministry of Finance regarding the digital transformation of tax collection, public spending and all government operations.