Al-Mashat revises “Nawfi program” to fund a list of green energy, food and water development projects
Dr. Rania Al-Mashat, Minister of International Cooperation, spoke with Ms. Kanayo Awani, Executive Vice President of the African Export-Inport Bank, met in the presence of Ms. Olorante Doherty, Director of Export Development and Climate Finance at the Bank, Ms Youssef Bishai, Director of Advisory and Capital Markets, and Ayman El Zoghbi, Head of Trade and Finance Companies.
At the beginning of the meeting, the Minister of International Cooperation welcomed the officials of the African Export-Import Bank and added that the Ministry of International Cooperation deals with all multilateral and bilateral development partners to support economic relations between Egypt and the international community, with the exception of the International Monetary Fund, and through these relationships development financing and support are provided Technical priority projects.
Al-Mashat discussed with banking officials to strengthen co-operation in the framework of preparations for the financing day within the activities of the United Nations Climate Change Conference COP27, as well as to promote co-operation efforts between Egypt and southern countries to exchange development experiences and knowledge . through existing co-operation between the Ministry of International Cooperation and the United Nations Development Program She also touched on the Bank’s participation in the Egypt ICF Forum, scheduled to be held next September, to secure the African position ahead of the climate conference coordinate, and also discussed the strengthening of joint cooperation in the field of supporting entrepreneurship.
* Investigate areas of cooperation with the Bank to improve joint work between the countries of the South, stimulate innovative financing mechanisms, and support beginners and entrepreneurship *
The Minister of International Cooperation spoke about the launch of the “Noufi” program to fund the list of green government projects in the field of energy, food and water, under the umbrella of the national climate change strategy, and in the framework of preparations for the climate summit, explaining that the list of projects differs in the field of adaptation to mitigate the repercussions of climate change In order to drive the country’s shift to a green economy and lead Africa’s efforts in the field of climate action.
The Minister of International Cooperation has indicated that the government is keen for the effective participation of development partners, international financial institutions, multilateral development banks, as well as the private sector in financing these projects, as it is of utmost importance to address the repercussions of climate change. overcoming and preserving the environment, and to translate global pledges to finance Climate Action into realistic measures and actions that stimulate climate finance in developing countries and emerging economies.
She added that Egypt enjoys strong relations with multilateral and bilateral development partners, which is reflected in their effective contribution to the financing of major development projects such as the Benban solar power plant and the Jabal al-Asfar water plant, as well as the Bahr al. Baqar water treatment system, and the participation of more than one development partner in the financing of one project such as Metro projects in Greater Cairo, which is an example of mixed financing, and notes that during 2020 and 2021 will provide about $ 20 billion in financing is from development partners, including $ 5 billion for the private sector and small and medium enterprises, which confirms the crucial role of international partnerships in expanding the base of the sector’s participation in own development.
Al-Mashat has called on African Export-Import Bank officials to familiarize themselves with the map of development finance in Egypt through the website of the Ministry of International Cooperation, which includes all of the current $ 26 billion portfolio to 372 projects, classified under the Sustainable Development Goals, to demonstrate the impact of the funds on Egypt’s 2030 development plan, noting that the thirteenth climate action target includes funding of approximately $ 11 billion in the area of adaptation and mitigation of the repercussions of climate change.
She also referred to the ongoing discussions with development partners to fund the list of green development projects in the energy, food and water sectors, the “Noufy Program”, in view of the start of the implementation of the national plan for climate change, as well as the ongoing discussions to support and stimulate innovative financing with the aim of establishing clear innovative financing mechanisms to motivate the international community to move forward.To meet the needs of developing countries and emerging economies, in addition to participation in the Egypt Forum for International Cooperation and Development Finance.
In turn, the Vice President of the African Export-Inport Bank emphasized the strong ties the bank has with the Egyptian government, which is represented in a large financing portfolio and ongoing interaction between the bank and the relevant government agencies, and the signing of many facilities in the telecommunications, gas and health sectors, as well as combating the Corona pandemic, and emphasizes the acumen of The Bank strengthens cooperation with the government in the context of preparations for the UN Climate Change Conference COP27.