SHARM EL SHEIKH, Egypt – Egypt’s file has won the first place among countries of the North Africa region in the Climate Investment Funds (CIF) initiative, a premier multilateral climate finance mechanism at the forefront of climate action in developing countries, Minister of International Cooperation Rania el Mashat announced.
The CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, multilateral development banks, and other sources.
This initiative can mobilize $500 million of additional concessional capital every year for developing countries, leading to an estimated $50 billion in total investment over ten years.
Egypt’s 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.
The file focused on Egypt’s Country Platform for the Nexus of Water, Food and Energy (NWFE) program, she added.
NWFE is part of Egypt’s bold move to launch its first National Climate Change Strategy 2050.
Discussion about this post