Minister of International Cooperation Rania Al-Mashat had talks with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso on Wednesday regarding the executive measures taken in tandem with the bank and development partners to promote technical support for implementing energy projects under the Nexus, Water, Food and Energy (NWFE) program.
The projects aim to cut carbon emissions by implementing renewable energy projects at 10 gigawatts and closing several stations that operate by traditional fuel. The bank, as a key development partner, coordinates joint work with development partners to implement these projects.
The talks also tackled the continued partnerships between Egypt and the bank and the future steps to promote joint cooperation in the energy domain under NWFE and incentivize the private sector’s participation in the development process through technology and investment support.
Mashat said this is the first time for her to participate in EBRD’s annual meetings that will review important decisions, especially expanding the bank’s activities in Africa in the southern desert and Iraq, in addition to promoting the bank’s role in confronting the repercussions of the war in Ukraine.
During the annual EBRD meetings in Uzbekistan, the minister discussed cooperation mechanisms with the bank to support the private sector in light of the state’s approach and the State Ownership Policy Document. The private sector absorbs about 75% of financing.
She said Egypt has several development experiences that can be transferred to southern countries via cooperation with development partners.
Mashat further noted that an agreement was signed on the financial closure of the new wind farm in Ras Ghareb in the Gulf of Suez area at a capacity of 500 megawatts within the framework of the NWFE program at $680 M investments.
She added that the bank contributes to the project by $100 M to the Red Sea Wind Energy company.
She referred to the projects implemented by the state over the past year in the green hydrogen domain over the past year.
Meanwhile, Renaud-Basso lauded the role played by the ministry in supporting the development cooperation efforts and Egypt’s Vision to incentivize the private sector through international partnerships.
