Latest news with #NationalClimateChangeStrategy
Zawya
05-05-2025
- Business
- Zawya
Green Egypt: Strategic pivot to renewables, hydrogen, and ESG post-COP27
Egypt's energy sector is undergoing significant change, fueled by ambitious national plans and strategic partnerships with global entities. The country is well positioned to balance the need for energy security with its commitment to achieve sustainable development and address climate change. Egypt is demonstrating its potential to achieve low carbon development pathways through initiatives such as Nexus of Water, Food, and Energy (NWFE) Program, and the National Climate Change Strategy (NCCS) 2050, as well as the announcement of the regulated voluntary carbon market (Africarbonex), and gazetted regulatory standards for mandatory Environmental, Social, and Governance (ESG) reporting. Egypt's strategic geopolitical location and abundant renewable resources position the country as a potential regional energy hub. The focus on green hydrogen production as well as proactive approaches to capitalize on the EU's Carbon Border Adjustment Mechanism (CBAM), demonstrates the country's progressive approach to energy transition. The CBAM, starting January 2026, will implement a tax on the greenhouse gas (GHG) – mainly carbon dioxide – emitted during the production of carbon intensive goods such as steel, cement, fertilizers, aluminum, electricity and hydrogen that are entering the EU. Nonetheless, challenges remain. Financial constraints, regulatory provisions, and infrastructural deficiencies continue to hinder the expedited rollout of renewable energy projects. Addressing these challenges will require strategic policy reforms and policy investments to ensure appropriate financial instruments and strengthened public-private cooperation.
Daily News Egypt
27-04-2025
- Business
- Daily News Egypt
Egypt's Minister Al-Mashat addresses growth, climate finance at IMF/World Bank meetings
Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, continued her participation in the International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings in Washington, D.C., engaging in multiple events focused on global growth, the green transition, and the future of jobs, according to a statement from the ministry. The Spring Meetings, held under the central theme 'Jobs for Prosperity', provided a platform for Minister Al-Mashat, who also serves as Governor for Egypt at the World Bank Group, to outline Egypt's strategies and collaborations. Climate Finance and Jobs During a panel discussion titled 'Investing in the Future: Mobilizing Finance for Jobs and Skills in the Climate Transition,' Al-Mashat discussed how climate action could foster technological progress, reduce risks, and improve economic efficiency. She highlighted Egypt's National Climate Change Strategy (NCCS) 2050, describing it as a roadmap for tackling the country's main climate challenges. 'This strategy encompasses priority projects across key sectors like energy, food, and water—all crucial for building climate resilience,' Al-Mashat stated. 'Through the NCCS 2050, we aim not only to mitigate the impacts of climate change but also to achieve a just and equitable transition towards a green economy that leaves no one behind.' The minister affirmed that Egypt's national investment plan supports the NCCS by directing public funds towards climate mitigation and adaptation projects in sectors including infrastructure, renewable energy, sustainable agriculture, and water resource management. She explained that environmental impact is a key criterion for project selection, alongside comprehensive feasibility studies assessing economic, social, and environmental factors to ensure alignment with Sustainable Development Goals (SDGs) and value addition to the economy while protecting the environment. Al-Mashat also detailed the role of Egypt's national platform for the NWFE Programme (Nexus of Water, Food, and Energy), launched during the COP27 climate conference. The programme, operating under the NCCS 2050 framework, aims to provide an integrated approach to equitable climate finance, concentrating on water, food, and energy projects for mitigation and adaptation. 'The programme helps mobilize innovative and blended financing tools, debt swaps, development grants, and technical support, thereby driving Egypt's green transition efforts,' she noted. Al-Mashat added that the platform encourages private sector investment in related projects, contributing to job creation. Future of Growth In a separate session organised by the World Economic Forum (WEF) on its 'Future of Growth' initiative, Minister Al-Mashat joined fellow panellists Maurice Obstfeld (Senior Fellow, Peterson Institute for International Economics), Saadia Zahidi (Managing Director, WEF), and Eswar Prasad (Professor of Trade Policy, Cornell University). Al-Mashat emphasised Egypt's close partnership with the World Bank Group, terming it a 'knowledge bank.' She mentioned ongoing collaboration between her ministry and the WBG, coordinated with various national bodies, to develop Egypt's national economic development narrative. This work involves analysing the Egyptian economy and formulating targeted policy recommendations for priority sectors like industry, exports, foreign direct investment (FDI), and macroeconomic policy. She outlined the ministry's 'Sustainability and Finance for Economic Development' framework, which guides efforts towards economic development by focusing on human capital, industrial growth, infrastructure, FDI, and entrepreneurship, supported by macroeconomic stability and structural reforms. The minister asserted the government's commitment to achieving quality growth through sustainable investments, green growth promotion, enhanced private sector participation, support for entrepreneurship, technology, and innovation, and the use of data for evidence-based policymaking. Al-Mashat also referred to a Letter of Intent signed with the WEF to launch an 'Economic Growth and Development Catalyst' in Egypt. She confirmed this allows Egypt to join the WEF's 'Future of Growth' initiative, which seeks to reshape global growth approaches and help policymakers balance quantitative and qualitative growth aspects. 'This step supports Egypt's economic development goals and allows us to leverage insights from the WEF's Centre for the New Economy and Society,' she added. Global Humanitarian Action Additionally, Minister Al-Mashat participated in a session titled 'The Future of Global Humanitarian Action,' hosted by the think tank Overseas Development Institute (ODI). The session, moderated by ODI Executive Director Elisabeth Campeau, included Freddie Carver (Director of Programmes, Humanitarian Policy Group, ODI), Jake Cusack (Co-founder & Managing Partner, CrossBoundary Energy), James Richardson (CEO, Board of Directors, Pompeo Foundation), Kate Phillips-Barrasso (Vice President, Global Policy & Advocacy, Mercy Corps), and Ketleen Florestal (Minister of Planning and External Cooperation, Haiti). Discussions focused on the future requirements for humanitarian aid, including tools and methods to attract investment and market opportunities for populations affected by conflict and instability. The dialogue considered how to implement change following the United Nations' call for a 'comprehensive reset of humanitarian action,' acknowledging that progress on reform has been limited despite commitments made at the 2016 World Humanitarian Summit. The statement noted this session was part of a discussion series organised by ODI Global in Washington, D.C., coinciding with the week of the World Bank and IMF Spring Meetings for 2025.
Egypt Independent
29-03-2025
- Business
- Egypt Independent
Planning Minister partakes in WFP roundtable on debt swaps for development
Minister of Planning, Economic Development and International Cooperation Rania Al Mashat said effective partnerships, national ownership and integration, and a resilient governance structure are key factors the success of debt swap programs. Mashat made the remarks during a World Food Program (WFP) roundtable discussion hosted by Spain on debt swaps for sustainable development and building resilient food systems, the ministry said in a press release on Friday 28/3/2025. Participants explored practical ways to enhance policy and operational frameworks for debt swaps, and how to mobilize global support for integrating the debt for development swap tool into the international development finance agenda. Reviewing Egypt's debt swap experience as well as her ministry's role in this regard, Mashat showcased the country's success stories, including the fruitful cooperation with Italy, which helped in securing the funds needed for 114 development projects in various fields, and a debt swap program with Germany under Egypt's Nexus on Water, Food and Energy (NWFE) platform – a part of Egypt's National Climate Change Strategy (NCCS) 2050. Mashat shed light on the results of the debt swap program with Germany as well as the development projects pursued under the program to provide better school feeding and quality education, rehabilitate hydroelectric plants, and improve drinking water and sanitation services. She also highlighted ongoing projects under the third tranche of the swap program with Germany, which covers a set of projects to combat school dropout and child labor, along with some energy projects. The roundtable discussion was held in preparation for the 4th International Conference on Financing for Development (FfD4), set for June 30 – July 3 in Seville, Spain.
Al-Ahram Weekly
25-02-2025
- Business
- Al-Ahram Weekly
IFC, Attijariwafa Bank partner to boost SMEs, climate finance initiatives in Egypt - Markets & Companies
The International Finance Corporation (IFC), the financial arm of the World Bank Group, and Attijariwafa Bank Egypt (AWB Egypt) have started a strategic partnership to strengthen the bank's capital base and ability to support small and medium-sized enterprises (SMEs) and climate finance initiatives in Egypt. The corporation said this in a statement on Monday. The collaboration includes investing $20 million in Tier 2 subordinated debt to increase AWB Egypt's lending capacity and expand its operations in crucial sectors. Tier 2 is the second or supplementary layer of a bank's capital, comprising revaluation reserves, hybrid instruments, and subordinated term debt. This partnership will directly contribute to AWB Egypt's efforts to finance SMEs in Egypt, particularly focusing on women-owned businesses. It will also promote energy efficiency by supporting renewable energy projects, aligning with Egypt's National Climate Change Strategy and Attijariwafa Bank Group's sustainability roadmap. The added capital will help the bank pursue these goals with greater financial flexibility and confidence. 'This partnership is a key step in strengthening our capital base, which will enable us to undertake larger, more impactful financing projects. This investment will accelerate financing for SMEs and green projects, further supporting sustainable economic development in Egypt,' AWB Egypt Managing Director Mouawia Essekelli said. According to the statement, Egypt has the largest MSME market in the MENA region, home to 6.4 million enterprises. Thus, the sector plays a vital role in the country's economy and contributes over a third of its GDP. Therefore, this partnership addresses the SMEs' significant funding challenges. 'A robust and diversified financial sector is essential for fostering inclusive and sustainable economic growth. By enhancing AWB Egypt's capital base, IFC is helping to expand financing options for SMEs, promoting climate finance in Egypt, and contributing to a greener, more resilient future,' said Aliou Maiga, IFC's regional director for Financial Institutions Group in Africa. The collaboration also aligns with the World Bank Group's Country Partnership Framework for Egypt, which focuses on improving private sector jobs, enhancing economic resilience, and closing the gender gap in developing economies. IFC is the world's largest development institution focused on the private sector in emerging markets. Since its founding in 1975 in Egypt, the corporation has invested $9 billion and provided advisory services totalling $22 million. It supports key sectors such as fintech, climate finance, manufacturing, and healthcare. AWB Egypt, a subsidiary of Attijariwafa Bank Group based in Morocco, has operated in Egypt since it acquired Barclays Bank in 2017. Now, it has 64 branches and 110 ATMs in Egypt. The Attijariwafa Bank Group has a wide presence in 27 countries, including a robust network across Africa and Europe. Short link:
Zawya
19-02-2025
- Business
- Zawya
Egypt, EU, EIB collaborate on Delta climate adaptation project
The Egyptian Ministry of Planning, Economic Development, and International Cooperation has organised a roundtable to review preliminary studies for a project aimed at adapting the northern Delta region to the effects of sea level rise. The project is being carried out in collaboration with the European Union and the European Investment Bank (EIB). Representatives from the Egyptian Ministry of Agriculture and Land Reclamation, and the Ministry of Water Resources and Irrigation also participated in the roundtable, which focused on the 'Adaptation of the Northern Delta Affected by Sea Level Rise' project. The project forms part of the food pillar of the Country Platform for the 'NWFE' (Nexus on Water, Food and Energy) Program. The initiative is part of national efforts led by the Ministry of Planning to implement nine projects under the 'NWFE' program across the water, food, and energy sectors. These projects aim to enhance the transition to a green economy and implement Egypt's National Climate Change Strategy (NCCS) 2050. Rania A. Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, emphasised continued coordination with relevant ministries and authorities to finalise technical studies for water and food projects within the 'NWFE' program. This, she said, is part of the state's efforts to promote the green economy transition and expand mitigation and adaptation projects related to climate change. Al-Mashat also noted that contracts for renewable energy projects with a capacity of 4.2 GW have already been signed under the energy sector, out of a total target of 10 GW. The project aims to benefit approximately 10 million citizens, empower smallholder farmers to implement adaptation policies addressing sea-level rise, and strengthen rural communities' responses to disasters and the impacts of sea-level rise. It also aims to encourage agricultural diversification for food security and income growth, and reduce internal migration from affected areas to cities. The project targets the governorates of Kafr El-Sheikh, Beheira, Damietta, Dakahlia, and Port Said. Its goals include preserving fertile agricultural land and expanding reclaimed desert land. The European Union is providing €125,000 in financing, and the European Investment Bank is offering a grant of €300,000 to fund consultancy services and complete necessary studies for project implementation. The funding will focus on formulating tools and mechanisms to attract, stimulate, and involve the private sector in the project. This aims to develop alternatives to reduce and rationalise public spending, enhance the value of private spending, and attract investments. The 'NWFE' program is described as a model for country platforms based on country ownership, representing an effective regional model and approach for financing to address climate change issues. It addresses mitigation, adaptation, and resilience, with a focus on a just transition to a green economy and provides an effective human-centered approach to address the impacts of climate change and its driving factors. The program follows a development financing pattern that provides blended financing tools. It is based on both the country's development efforts and national ministries in all sectors, the development financing provided by development partners, as well as attracting the private sector through investments. Additionally, it benefits from consultancy services and expertise from relevant entities to enhance the efficiency and viability of projects, making them attractive to funding sources.
