Egypt green transition file 1st among North African & European countries for Climate Investment Funds initiative

MENA , Ahram Online , Friday 11 Nov 2022

Egypt's green economy transition file, NWFE, has won first place among North African and European countries for the Climate Investment Funds (CIF) initiative on nature and climate investments, Minister of International Cooperation Rania Al-Mashat announced Thursday.



Egypt has recently launched the Nexus of Water, Food and Energy programme NWFE - an acronym that reads “fulfilling pledges” in Arabic - to attract foreign investments to finance eco-friendly and green projects as part of the country's National Climate Change Strategy 2050.

NWFE also ranked among the top 10 files out of 48 countries that applied to the initiative.

The CIF provides developing countries with grants, concessional loans, risk mitigation instruments and equity that leverages significant financing from the private sector, multilateral development banks and other sources.

The CIF initiative can mobilise $500 million of additional concessional capital every year for developing countries, leading to an estimated $50 billion in total investment over ten years.

CIF investments in Egypt over recent years have included funding for a wind energy project in the Gulf of Suez and mass transit infrastructure in Cairo, according to the fund’s website.

The file was compiled by the Ministry of International Cooperation in partnership with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and the World Bank Group, the minister said.

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