Sharm El-Sheikh, Egypt –

 The partnership agreements for Egypt’s Country Platform for the NWFE Program and NWFE Plus, where a Partnership Agreement has been signed in the field of transportation, as well as the finance agreements for the Egypt Partnership Agreements for Climate Transition (E-PACT) have been formally signed with the participation of H.E. Dr. Moustafa Madbouly, Egypt’s Prime Minister, and the engagement of high-level global leaders and climate enthusiasts such as H.E. Secretary John Kerry, US Special Presidential Envoy for Climate; Marc Carney (GfANZ), UN Special Envoy for Climate Action; H.E. Jurgen Zattler, the Director General for International Development Policy at German Federal Ministry for Economic Cooperation and Development; Mme Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD); Dr. Akinwumi Adesina, President of the African Development Bank (AfDB); Dr. Noel Quinn, Group Chief Executive (HSBC); Jay Collins, Vice Chairman, Banking, Capital Markets and Advisory at CitiBank; Claire Coustar, Managing Director and Global Head of ESG and Sustainable Finance for Investment Bank – Fixed Income & Currencies at Deutsche Bank; Francesco La Camera, Director General for the International Renewable Energy Agency (IRENA).

The NWFE program is in line with Egypt’s Vision 2030, 2050 National Climate Change Strategy and commitment to go “from pledges to implementation” and accelerate Egypt’s implementation of its NDCs. It includes nine projects that represent a mitigation and adaptation priority projects encompassing water, food, and energy sectors. The investments worth $15 billion will fund implementation with one main energy project (USD $10 billion), five projects for food security and agriculture and three irrigation and water projects.

These climate action projects include replacing existing inefficient thermal power plants with renewable energy, enhancing small farmers’ adaptation to climate risks, increasing crop yields and irrigation efficiency, building resilience of vulnerable regions, developing water desalination capacity, establishing early warning systems, and modernising on-farm practices.

Egypt leverages its global partnerships to unlock innovative finance opportunities, in form of grants, blended finance schemes, investment facilitation credit lines, concessional finance, guarantees, technical assistance and debt swaps, to capitalize on globally available resources and accelerate its green transition. The program is further made in line to attract private sector investment and cooperation, in addition to adding the missing ‘P’ to public private partnerships by introducing philanthropy in the equation. The aim for create a scalable model to attract global climate finance that can be replicable regionally and globally.

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