The ongoing and future co-operation between Egypt and the European Bank for Reconstruction and Development (EBRD) featured high on the agenda of talks held by Minister of Planning and Economic Development and International Co-operation Rania Al-Mashat and EBRD President Odile Renaud-Basso.
The meeting, which took place on the sidelines of United Nations Climate Conference (COP29) in Baku, Azerbaijan, also addressed fresh prospects of collaboration that align with Egypt’s national priorities.
They also addressed the efforts for mobilizing concessional financing and private sector investments for energy projects under the Country Platform for the Nexus of Water, Food and Energy “NWFE” program, according to a press release in Cairo.
Al Mashat emphasized that the strategic relationship between the two sides has progressed and yielded impactful results.
The EBRD’s pivotal role as the lead development partner for the energy pillar of the “NWFE” program has enabled Egypt to attract significant climate investments and concessional financing for renewable energy projects, solidifying the bank’s role in Egypt’s green transition, she was quoted as saying.
In addition, joint efforts involving the ministry, national entities, and the EBRD have resulted in the signing of renewable energy projects with a total capacity of 4.7 GW, alongside the mobilization of over $2.5 billion in concessional financing from the EBRD and other development banks and international partners, the minister explained.
These efforts aim to meet the program’s target capacity of 10 GW, while concurrently decommissioning 12 thermal power plants with a combined capacity of 5 GW, in line with the National Integrated Sustainable Energy Strategy’s goal of achieving 42% renewable energy by 2030.
Source: The Egyptian Gazette
