IFIs supported Egypt's NWFE energy projects with over $2.5 bln in past 2 yrs

Egypt has secured this funding since launching the Nexus of Water, Food, and Energy (NWFE) programme during COP27 in 2022.

Minister Al-Mashat announced this during her meeting with Odile Renaud-Basso, president of the European Bank for Reconstruction and Development (EBRD), at COP29.

During the meeting, they also discussed current and future cooperation between Egypt and the EBRD, explored joint projects, and identified new areas for collaboration in line with Egypt’s priorities.

It is with noting that EBRD is one of the IFIs that financed the NWFE programme. 

Al-Mashat added that this programme has been instrumental in advancing Egypt’s national climate agenda and attracted interest from other governments looking to replicate Egypt’s success in collaborating with development partners.

She also emphasized the importance of revitalizing cooperation with the EBRD to increase innovative financing for the private sector.

Furthermore, the minister noted that the joint efforts between Egypt and the EBRD have led to the signing of a renewable energy project with a total capacity of 4.7 gigawatts (GW).

Al-Mashat said the ongoing efforts with the EBRD aim to achieve the programme’s target of 10 GW in renewable energy capacity and decommissioning 12 thermal power plants with a total capacity of 5 GW.

This is part of Egypt’s Integrated Sustainable Energy Strategy, which seeks to achieve 42 percent renewable energy in its total energy mix by 2030.

In October 2023, the EBRD provided Egypt with a 165 million euro loan to modernize its electrical grid and reduce pollution.

Egypt's relationship with the EBRD dates back to 1991 when the country became a founding bank member.

The country has become a fully operational member since 2015, and the partnership has been instrumental in advancing its national development vision in line with the UN Sustainable Development Goals.