Egypt aims to sign contracts for 9 projects with $15B investments during COP27

CAIRO - 2 November 2022: The Ministry of International Cooperation aims to sign contracts for 9 projects with investments amounting to $15 billion during the COP27 Climate Summit, which will be held in Sharm El-Sheikh next Sunday.

 

These projects come within the the nexus of water, food and energy (NWFE) Program, which is a regional and international approach that reflects the directions of the Egyptian state and the goals of the presidency of the COP27 Climate Conference, to move from the pledges stage to the implementation stage, according to a statement from the Ministry of International Cooperation.

 

The Ministry of International Cooperation announced that the NWFE program includes 9 projects that represent a priority for the state in the intertwined water, food and energy sectors, including mitigation and adaptation, with investments worth approximately $15 billion to support implementation with one main energy project, five projects in food security and agriculture and 3 projects in irrigation and water. 

 

Minister of International Cooperation Rania Al-Mashat noted that in order to move forward in a clear course of action characterized by governance and coordination with development partners, for each of the NWFE Program’s access (Water, Food and Energy), a development partner was selected as a coordinator.  For the energy sector, the European Bank for Reconstruction and Development (EBRD) was selected, for the food sector, the International Fund for Agricultural Development (IFAD) was selected, and for water, the African Development Bank (AfDB)  was selected.

 

 

It is worth noting that the ongoing portfolio of development cooperation in climate finance for the implementation of adaptation and mitigation projects amounts to $11 billion, and includes many projects such at the Bahr El Baqar Water Treatment Plant, Al Mahsama Water Reclamation Plant, wind energy projects in the Gulf of Suez, among other fields.