Egypt launches ‘Nouwfi’ program for financing eco-friendly, green projects

CAIRO – 7 July 2022: Egypt launched on Thursday “Nouwfi” program for financing and investing in climate projects in the water, food and energy sectors, as the first list of eco-friendly projects within the National Climate Change Strategy 2050 and Egypt’s Vision 2030, said the Egyptian Ministry of Environment in a statement.

The program was launched by Minister of International Cooperation Rania el-Mashat in a meeting with Minister of Environment Yasmine Fouad, and UN Resident Coordinator Elena Panova. The meeting was also attended by 155 representatives of national and development companies, besides Secretary General of the European Bank for Reconstruction and Development (EBRD) Heike Harmgart, and Head of Cairo office of the European Investment Bank (EIB) Alfredo Abad.

Fouad said that the Ministry of Environment, in cooperation with development partners and relevant ministries, worked on the national strategy for climate change 2050. They formulated 26 projects over three phases until 2030. The first phase will focus on energy, food and water. The second phase will target the transport sector, while the third one will focus on the gas and petroleum sector.

Meanwhile, Mashaat said that the Ministry of International Cooperation has a portfolio with more than $11 billion to fund projects in green transformation, advancement of comprehensive and sustainable recovery, and implementation of the national strategy for climate change.