EBRD: Mobilizing $2Bn to Implement Energy Projects within 'Nouwfi' in 2023

Heike Harmgart, the Regional Director for the South and East Mediterranean region at the European Bank for Reconstruction and Development, stated, ' EBRD is committed to supporting Egypt in its transition to a green economy. We have mobilized financing worth $ 2 bn from the private sector in projects under Nouwfi program, in addition to grants and concessional financing.'

She added, 'We are very enthusiastic about the first coordinating meeting led by the Ministry of International Cooperation and the Ministry of Electricity and Renewable Energy, bringing together all international financial institutions and stakeholders involved in Nouwfi program.

The Director of Climate Strategies at the European Bank for Reconstruction and Development emphasized the importance of the program, extending beyond Egypt and reaching the international community as an effective model that should be replicated to enhance climate and development efforts.

This was announced during the first high-level coordinating meeting held by Dr. Rania Al-Mashat, Minister of International Cooperation, at the ministry's headquarters in the New Administrative Capital. The meeting aimed to monitor the progress of efforts to mobilize innovative financing tools for the energy sector within the 'Nouwfi' program, which targets the implementation of renewable energy projects with a capacity of 10 gigawatts.

Attending the meeting virtually was Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, along with Heike Harmgart, the Regional Director for the South and East Mediterranean region at the European Bank for Reconstruction and Development, Mario Sander, Head of the Middle East Department at the German Federal Ministry for Economic Cooperation and Development, representatives from the United States, the World Bank Group, the German Development Bank, the French Development Agency, the European Investment Bank, the European Union, the German Embassy, the UK Embassy, and the Netherlands, as well as leaders from the ministries of electricity and international cooperation and relevant parties.

The first high-level coordinating meeting is preparation for the upcoming Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in the United Arab Emirates.

It aims to review the efforts made in transitioning from commitments to implementation since the launch of the program and the signing of partnership agreements and letters of intent at the COP27 climate conference in Sharm El-Sheikh.