Egypt outlines roadmap to advance green transition via CBMA policy
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir and Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat discussed joint efforts to support transition to low-emission industries.
This goal will be achieved through financing and technical programs in cooperation with international development partners.
The two sides reviewed the latest developments in implementing the Green Sustainable Industries (GSI) program, which provides various financing options, including soft loans and non-refundable grants, to rehabilitate Egyptian factories.
They also touched upon the ongoing cooperation with the European Bank for Reconstruction and Development (EBRD) to launch the "NWFE" platform, which represents a strategic tool for attracting green investments in several sectors, most notably the industrial sector.
The meeting also discussed a proposal to establish a new national platform similar to the NWFE program, aimed at mobilizing soft financing and international grants to support green industrial transformation projects within the private sector's manufacturing industries.
Additionally, the two ministers explored opportunities available in Egypt to benefit from the High-Impact Private Sector Program, one of the flagship programs of the Green Climate Fund (GCF) and managed by the EBRD.
This initiative aims to support private sector projects in developing countries to cut industrial emissions and accelerate the transition to a green economy through a financing package that includes grants, soft loans, and innovative investment tools.
El-Wazir and Al-Mashat highlighted the importance of this program, which aligns with the National Climate Change Strategy 2050 and the Nationally Determined Contributions (NDCs), noting that it does not impose any direct financial burdens on the state budget.
On his part, El-Wazir directed the formation of a joint technical committee to monitor the implementation of key projects and ensure integration between government initiatives and international financing platforms to achieve results.
Meanwhile, Al-Mashat outlined the results of international partnerships in the field of industrial development with various multilateral and bilateral development partners.
She stressed that the non-petroleum manufacturing sector witnessed increasing development since the implementation of economic reform measures in March 2024.
She indicated that the sector has been leading economic growth rates since the fourth quarter (Q4) of fiscal year (FY) 2023/2024 and throughout the first nine months of FY 2024/2025. It achieved a growth of 7.1% in Q1, followed by 17.7% in Q2, and 16.3% in Q3.
Non-petroleum manufacturing industries contributed the most to growth rates in Q3 of FY2024/2025 at 1.9%, according to Al-Mashat.
Through the GSI Program, development partners provided €271 million (EGP 16 billion), including approximately EGP 1.2 billion in grants.
The remaining portion in soft financing for the private sector through Egyptian banks will be directed to reduce pollution in the industrial sector, encourage the use of renewable energy, and develop sustainable industrial practices.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
29 minutes ago
- Zawya
Saudi budget deficit shrinks to $9.21bln as oil, other revenues rise
Saudi Arabia's budget deficit narrowed to 34.534 billion riyals ($9.21 billion) in the second quarter, marking a 41.1% decline from the previous quarter, as oil and other revenues rose, the finance ministry said on Thursday. Oil income rose by 1.28% to reach 151.734 billion riyals, the ministry said. The world's top oil exporter saw its total revenues climb by nearly 14.4% to 301.595 billion riyals in April to June, of which 149.861 billion riyals came from non-oil industries, while public spending, rose 4.28% quarter-on-quarter to 336.129 billion riyals. The kingdom's oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed, as the OPEC+ group - comprising OPEC and allies such as Russia - began to unwind cuts of 2.17 million barrels per day (bpd) in April with a boost of 138,000 bpd, followed by further increases in recent months despite falling oil prices. In the first quarter, the kingdom's budget deficit widened significantly on a year-on-year basis to $15.65 billion from $3.30 billion in the same period a year earlier, as oil revenues dropped 18%. Lower oil prices have weighed on Saudi Arabia's revenue, with the kingdom projected to post a fiscal deficit of around $27 billion this year. Still, the country has pushed forward with spending on a massive economic transformation programme known as Vision 2030 that aims to diversify its revenue sources to wean its economy off its dependence on oil. A 12-day air war between Israel and Iran in June amplified geopolitical risk across the Gulf and raised concerns over regional stability that might threaten to slow foreign investments and tourism in the kingdom, though it briefly spiked oil prices by up to 7% on June 14 when the war first broke. In June, the International Monetary Fund raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects and supported by the OPEC+ group's plan to phase out oil production cuts. Saudi Arabia's public debt stood at 1.38 trillion riyals by the end of the second quarter, the finance ministry said in its statement. ($1 = 3.7511 riyals) (Reporting by Yomna Ehab and Enas Alashray in Cairo, writiny by Nayera Abdallah and Yomna Ehab; Editing by Andrew Cawthorne and Susan Fenton)
Zawya
29 minutes ago
- Zawya
Saudi Arabia records 3.9% real GDP growth in Q2
Saudi Arabia's real gross domestic product (GDP) grew by 3.9% in the second quarter of 2025 compared to the same period in 2024, reported SPA citing data from General Authority for Statistics in Saudi Arabia. As per the GASTAT data, non-oil activities recorded the highest growth at 4.7%, followed by oil activities at 3.8% and government activities at 0.6%. Seasonally adjusted real GDP rose by 2.1% in Q2 compared to the previous quarter, with oil activities leading the growth at 5.6%. The non-oil activities grew by 1.6%, while government activities declined by 0.8%. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
AD Ports Group, Egypt's Ministry of Petroleum, TCM sign deal to explore development of crude oil storage facilities
ABU DHABI: AD Ports Group, a leading global enabler of trade, logistics, and industry; Egypt's Ministry of Petroleum & Mineral Resources; and TCM Project Management, a Dubai based LLC company; today signed a Memorandum of Understanding (MoU) to explore joint operation and development of Egypt's strategic crude oil storage network. Egypt's crude oil storage system is considered critical infrastructure within the country's national energy value chain, strategically positioned to serve domestic and international markets. The potential collaboration highlights AD Ports Group's commitment to expanding its integrated ports, maritime, logistics, and industrial footprint in Egypt, one of its largest overseas markets, where it has announced approximately US$469 million in investment commitments since 2022. Karim Badawi, Minister of Petroleum & Mineral Resources for the Arab Republic of Egypt, said, 'We are pleased to sign a Memorandum of Understanding with both AD Ports Group, one of our most important partners in trade and infrastructure, and TCM, to explore opportunities to maximise the value of Egypt's advanced petroleum sector assets, particularly the strategic crude oil storage facilities, as well as to identify other areas of mutual interest. This targeted partnership falls under the second and sixth pillars of our Ministry's integrated strategy—maximising the added value of Egypt's petroleum sector assets and enhancing regional cooperation, especially with the United Arab Emirates, with whom we share deep and diverse ties across all energy domains, from upstream extraction and production to downstream transport, distribution, and marketing.' Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, 'This Memorandum of Understanding highlight our Group's strategic interest in Egypt, a nation with which the United Arab Emirates enjoys deep and enduring ties. The potential joint operation and development of Egypt's extensive crude oil storage network reflects our commitment to bringing the full strength of AD Ports Group's integrated business model—spanning ports, maritime, logistics, economic zones, and digital solutions—through forging long-term strategic partnerships, supporting the economic and industrial objectives of the Egyptian government. Guided by the vision of our wise leadership in the UAE, we are dedicated to advancing a closer, mutually beneficial economic relationship with our partners in Egypt, to deliver tangible benefits to the Egyptian and Emirati peoples, and supporting the success of our strategic partners.' The MoU was signed in the presence of Karim Badawi, Minister of Petroleum & Mineral Resources for the Arab Republic of Egypt; Sherif Mahmoud Issa, Ambassador of the Arab Republic of Egypt to the UAE; and Tamer Al Zeyadi, CEO of TCM Project Management. The MoU was signed by Ahmed Al Mutawa, Regional CEO of AD Ports Group; Nasser Shoman, Under-Secretary of the Ministry of Petroleum and Mineral Resources of Egypt; and Mahmoud farrag Omran, General Manager of TCM Project Management. The potential partnership aims to unlock new efficiencies and value creation opportunities by integrating AD Ports Group's world-class operational expertise and digital capabilities with Egypt's established energy infrastructure. The crude oil storage facilities are positioned to play a pivotal role in regional energy security, supply chain resilience, and the facilitation of international crude oil trade flows. AD Ports Group's potential joint operation and development of Egypt's crude oil storage network aligns with its broader international expansion and diversification goals, which has made Egypt, along with Spain, one of its core set of more than 50 international markets. The Group's five synergistic business clusters—Ports, Maritime & Shipping, Logistics, Economic Cities & Free Zones, and Digital—are uniquely positioned to deliver integrated solutions that drive economic growth, job creation, and technological advancement for Egypt and the wider region.
