CAIRO - 21 November 2024: As part of the state's strategy to combat climate change, Egypt launched nine projects with investments of $14.7 billion to achieve this purpose.
In 2022, Egypt launched the National Platform for the "Nouwfi" Program as a national program that represents an effective regional model and approach to concessional financing to address issues of adaptation, mitigation and resilience.
The ‘Nouwfi’ program is specialized in financing eco-friendly, green projects.
Egypt has developed a comprehensive national climate change strategy that includes key objectives until 2050, and a set of priority projects (26 projects) until 2030.
Nine projects were selected in the fields of water, food and energy, with estimated investments of about $14.7 billion, and through partnership with the European Bank for Reconstruction and Development, the African Development Bank, and the International Fund for Agricultural Development.
The Ministry of Planning, Economic Development and International Cooperation is working to mobilize innovative financing mechanisms, whether debt swaps, grants, or concessional financing for the private sector, in order to implement projects.
The National Platform for the Nouwfi Program works to enhance green investment strategies, focusing on the nexus between water, food and energy, which the country has identified as part of the priority areas for climate and development.
Thus, the Egyptian platform contributes to mitigating and adapting to the effects of climate change, supporting resilience, and a just transition within the framework of broader environmental goals across the energy, transportation, water and agriculture sectors. Egypt has presented a different model from the JETP platforms and created a space for joint work between the government, international institutions and the private sector to implement the National Climate Change Strategy 2050 and the Nationally Determined Contributions.
The strong partnership with multilateral development banks has contributed to creating an innovative platform that achieves integration between vital sectors that support climate action, noting that the formulation of the program translates national visions and strategies into projects that attract green investments in the field of adaptation and mitigation.
Comments
Leave a Comment