Latest news with #NexusonWater
Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
EBRD backs Egypt's first solar, battery storage project with $30m equity bridge loan
The European Bank for Reconstruction and Development (EBRD) has announced a $30m equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec ASA, a global leader in renewable energy and a long-term strategic partner of the Bank. The financing will support the equity requirements for the construction of a 1 GWac photovoltaic solar power plant and a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi, Upper Egypt. This will be Egypt's first hybrid solar and battery storage project, and is expected to serve as a pilot model for integrating battery storage with renewable energy in the country. The project plays a key role in supporting Egypt's green energy transition, helping maintain grid stability and reliability as electricity demand continues to rise. It is being developed under the energy pillar of Egypt's Nexus on Water, Food, and Energy (NWFE) platform, a flagship initiative launched at COP27 in Sharm El Sheikh, led by the EBRD. The NWFE program aims to unlock Egypt's potential to become a regional hub for renewable energy. Once operational, the hybrid plant is expected to reduce CO₂ emissions by approximately 1.357 million tonnes annually, significantly contributing to Egypt's climate goals and international commitments. Egypt, a founding member of the EBRD, has been a major focus for the Bank's investments since operations began in the country in 2012. To date, the EBRD has invested more than €13.8bn in over 201 projects nationwide. The Bank's investments in Egypt span across a range of sectors, including financial services, agribusiness, manufacturing, infrastructure, and transportation, as well as critical utilities such as power, municipal water, and wastewater services.
Web Release
12-05-2025
- Business
- Web Release
EBRD backs Egypt's first solar and battery storage project
By Editor_wr On May 12, 2025 The European Bank for Reconstruction and Development (EBRD) is supporting Egypt's renewable-energy sector by providing a US$ 30 million equity bridge to Obelisk Solar Power, a special purpose vehicle owned by Scatec ASA, a leading global renewable energy developer and a key strategic client for the EBRD. The funds will contribute to the equity commitments required for the construction of a 1 gigawatt-alternating current (GWac) photovoltaic solar plant and a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi. It will be one of the first hybrid renewable energy projects in Egypt and is expected to serve as a pilot for uptake of the technology in the country. The project will support the green energy transition in Egypt while helping keep the grid stable and reliable in the face of growing electricity demand. It is being developed under the EBRD-led energy pillar of Egypt's Nexus on Water, Food, Energy, which was launched at COP27 in Sharm El Sheikh with the aim of unlocking the country's potential to become the leading renewable energy hub in the region. The project is expected to reduce Egypt's CO 2 emissions by 1,357,000 tonnes per year. Egypt is a founding member of the EBRD. Since the start of the Bank's operations in the country in 2012, it has invested more than €13.8 billion in 201 projects across the country. The EBRD's areas of investment in Egypt include the financial sector, agribusiness and manufacturing and services, as well as infrastructure projects in the power, municipal water and wastewater service sectors, and contributions to upgrading the transport sector?. EBRD backs Egypt's first solar and battery storage project Comments are closed.
Daily News Egypt
12-04-2025
- Business
- Daily News Egypt
Egypt seeks expanded OPEC Fund financing for private sector growth
Egypt is seeking increased financial support from the OPEC Fund for International Development to bolster the private sector and stimulate investment and employment, according to the Ministry of Planning, Economic Development and International Cooperation. The request was made during a meeting between Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the Director-General of the OPEC Fund, Abdulhamid Alkhalifa, held on the sidelines of the annual meetings of Arab financial institutions in Kuwait. Al-Mashat expressed Egypt's appreciation for its longstanding relationship with the OPEC Fund, which she said was built on mutual commitment and efforts to support the country's sustainable development goals. She added that the collaboration reaffirmed the Fund's efforts to support development and achieve positive economic and social outcomes. Al-Mashat highlighted the importance of the private sector in achieving Egypt's sustainable development objectives, describing it as a vital driver of economic growth. She noted that the Egyptian government views private sector-led investments as crucial for enhancing the competitiveness of the Egyptian economy regionally and internationally. 'Egypt has a strong partnership with the fund, based on shared values in sustainable development, and clearly aligned with the Ministry of Planning, Economic Development and International Cooperation's vision to promote sustainable growth in Egypt, increase resource efficiency, and achieve economic development,' Al-Mashat said. According to Al-Mashat, the Egyptian government has implemented reforms to improve the investment climate and create an environment conducive to attracting capital and expanding the production base. She cited the 'State Ownership Policy Document' as an example, which aims to support ongoing economic reforms and enhance the role of the private sector by gradually exiting some sectors and providing opportunities for local and foreign investors. She added that the document also highlighted the importance of public-private partnerships (PPP) as an effective tool to promote private sector investments and increase their efficiency. Al-Mashat also noted that the government has implemented structural measures since 2014, regarding regulatory procedures and legislative structure, to create an environment conducive to attracting investments in renewable energy. During the meeting, Al-Mashat and Alkhalifa also discussed potential collaboration within the framework of the Hub for Advisory, Finance and Investments for Enterprises platform, which integrates services provided by development partners and private sector entities, including large, small, medium, and micro enterprises. The implementation of the 'NWFE' (Nexus on Water, Food and Energy) program was also addressed, with a focus on priority areas such as renewable energy, food security, and water resource sustainability. Alkhalifa affirmed the OPEC Fund's commitment to supporting development in Egypt and its priorities since 1976. He noted that the joint cooperation portfolio has reached approximately $1.4 billion, supporting around 60 projects across various sectors.
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.
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.
