Latest news with #ClimateInvestmentFunds'
Egypt Today
an hour ago
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
Daily News Egypt
a day ago
- Business
- Daily News Egypt
Egypt selected for $1bn climate fund decarbonisation programme: Al-Mashat
Egypt has been selected as one of seven countries to benefit from the Climate Investment Funds' (CIF) $1bn Industrial Decarbonisation Programme, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat announced on Saturday. Egypt was chosen from a global pool of 26 applicants for the programme, which is the first global development financing initiative aimed at reducing emissions in the industrial sector of developing countries. The other selected nations are Brazil, Mexico, Namibia, South Africa, Turkey and Uzbekistan. Al-Mashat said the selection reflects international confidence in Egypt's climate action strategies. 'The selection reflects international institutions' confidence in national climate action strategies and green transformation efforts,' Al-Mashat stated, adding that a 'strong institutional framework and effective partnerships with development partners and the private sector contributed to Egypt's winning bid among 26 countries.' The ministry submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC) and the African Development Bank (AfDB). The submission was based on Egypt's green economy transition goals, institutional capabilities and private sector participation. The minister said the government is working to integrate national policies with climate objectives and that Egypt has intensified its climate efforts since hosting the COP27 summit in November 2022. During the summit, Egypt launched its 'NWFE' country platform, a programme designed to attract climate investments through government, private sector and international partnerships. The CIF confirmed that an independent expert team assessed the applications. The programme aims to support low-emission industrial transformation, create green jobs and improve the long-term economic competitiveness of participating nations, positioning them to benefit from a global market for eco-friendly goods projected to reach $2trn by 2030. Tariye Gbadegesine, CEO of the Climate Investment Funds, said emerging markets are playing a key role in the effort to reduce industrial carbon emissions. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' Gbadegesine said. 'Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy.' The seven selected countries are expected to work with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. The plans will allow them to access concessional financing to scale up clean technologies, such as green hydrogen. The Industrial Decarbonisation Programme is part of the CIF's $9bn Clean Technology Fund (CTF). According to the CIF, the fund uses a private capital mobilisation mechanism that generates $12 in additional financing for every dollar it invests. During the COP27 conference, Egypt also ranked first in the North Africa and Europe region for the CIF's Nature, People, and Climate Investment initiative, which provides $500m to support projects in developing countries. The ministry said technical discussions are underway with the CIF to use this initiative to fund projects under the 'NWFE' programme.
