The Ministry of Planning, Economic Development, and International Cooperation on Thursday launched the second progress report on the Country Platform for the “NWFE” Program which focuses on the nexus of water, food, and energy projects, as well as sustainable transport under the “NWFE+” initiative.
The report is issued under the auspices of Prime Minister Mostafa Madbouly, under the Theme “Two Years of Implementation”.
Addressing the launching ceremony of the report, Minister of Planning, Economic Development, and International Cooperation Rania al Mashat said that the Egyptian government during its presidency of the UN Climate Change Conference (COP27) has presented an innovative, more inclusive, and applicable mechanism across various economic and social systems, business environments, and emerging markets, enhancing the optimal use of development resources and achieving resilience in the face of climate change.
The launching ceremony was attended by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir, Minister of Water Resources and Irrigation Hany Sewilam, Minister of Electricity and Renewable Energy Mahmoud Essmat and Minister of Agriculture and Land Reclamation Alaa Farouk.
Officials and heads of the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the International Fund for Agricultural Development (IFAD) and the European Investment Bank (EIB) were present at the ceremony.
Mashat launched the “NWFE” program in mid-2022 as part of Egypt’s national efforts to implement the National Climate Change Strategy 2050 and its Nationally Determined Contributions (NDCs).
During the COP27 Climate Summit, a high-level event was held with various development partners and national stakeholders, where letters of intent and memoranda of understanding related to the program’s project implementation were signed.
While addressing the ceremony, Mashat said that the climate finance gap is widening and increasing, with adaptation and mitigation efforts require additional investments of approximately $366 billion annually in developing countries.
She added that the developing countries are the most affected by the repercussions of climate crises and successive natural disasters.
The African continent’s requirements are estimated at about $2.7 trillion by 2030, equivalent to $400 billion annually, which necessitates the urgent contribution of the private sector to the investments required for climate action.”
Over the past two years, the Ministry has successfully mobilized international support from various climate action coalitions, multilateral and bilateral development partners, and multilateral development banks, to provide innovative financing tools and private investments for the program’s implementation, the minister said.
She added that this has helped promote the platform, transforming it from a national initiative into an globally replicable model for developing countries and emerging economies aiming to mobilize climate investments and achieve their climate ambitions.
The Country Platform for the “NWFE” Program includes nine projects in water, food, and energy sectors, as part of the National Climate Change Strategy, with an estimated investment of approximately $14.7 billion. It also encompasses projects in the sustainable transport sector.
