Egypt’s Sisi briefed on NWFE Initiative, ‘Sharm El-Sheikh Guide to Fair Finance’

CAIRO- 28 August 2022:  President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly, and Minister of International Cooperation, Dr. Rania Al-Mashat, discussing the green projects and cooperation with international partners.

Spokesman for the Presidency Bassam Rady said that the meeting reviewed the Ministry of International Cooperation’s efforts regarding the mobilization of concessional development finance related to the issue of climate change.

Minister Al-Mashat offered an overview of Egypt’s cooperation with the international development partners within the framework of National Investment Platform for Green Projects and Climate Action, which is know n as NWFE . NWFE is a national project and a regional approach to link international climate and development issues, while mobilizing concessional development finance for a package of priority green development projects in the food, water and energy sectors . This comes within the framework of Egypt’s comprehensive national climate strategy 2050, aiming to achieve sustainable economic growth and low-emission development, and promote scientific research and technology transfer in the field of climate change . These efforts are part of the Ministry of International Cooperation endeavors to enhance opportunities for benefiting from development finances in preparation for the World Climate Summit next November in Sharm El-Sheikh.

The Minister also reviewed the final preparations for the convening of the “Egypt Forum for International Cooperation and Development Finance”, which is scheduled to be held in the New Administrative Capital next September. The forum will include a number of main axes, the most important of which are mobilizing resources and facilitating access to finance, in addition to financing the climate agenda for mitigation and adaptation. This is, in addition to national efforts and measures taken in this regard. The forum aims primarily to move from the stage of pledges to the stage of implementation and to transform financial commitments into real opportunities. The forum will also include holding a round table on the “NWFE” program to promote investable projects in Egypt in preparation for their presentation at the World Climate Summit in Sharm El-Sheikh, with the participation of African Ministers of Finance, Economy and Environment, as well as a group of senior officials, international figures, development partners, international financial institutions, and representatives of civil society and think tanks.

Minister Al-Mashat also presented the Ministry of International Cooperation’s preparations of the “Sharm El-Sheikh Guide to Fair Finance”, which aims mainly to achieve integration between developing policies and actual measures that need to be taken by all parties involved in climate issues, particularly governments, international financial institutions and investment funds.

President El-Sisi gave directives to provide support for national programs that promote climate action and to cooperate with international partners to present successful national models to build-on regionally and internationally, in line with Egypt’s goals towards the issue of climate change. These goals include, primarily, the implementation of pledges and commitments and their reflection on actual efforts and projects on the ground, within the framework of the green transformation approach, in accordance with Egypt's relevant national strategies.