Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD) Rania al Mashat has emphasized the importance of maintaining overall stability and advancing the implementation of economic and structural reforms to facilitate progress in targeted development projects.
The government has implemented a series of economic and structural reforms over the past two months to improve macroeconomic stability and boost the investment climate in Egypt. These measures aim to empower the private sector, as stated in a press release by the International Cooperation Ministry.
Climate action is a crucial focus for nations, particularly in the current period. It is also a priority for multilateral development banks, as emphasized by Mashat. This underscores the significance of all countries striving to develop climate projects that are financially viable and appealing for investments. Additionally, it is important to establish partnerships between development partners, the private sector, and relevant stakeholders to facilitate the successful implementation of these projects.
During a session organized by the Egyptian Ministry of International Cooperation and the EBRD, discussions centered around the potential for private investment in the “NWFE” program. This took place as part of the bank’s annual meetings in Armenia, where the focus was on reviewing the model of national platforms in Egypt and the launch of the “NWFE” program. The program aims to promote climate investments.
The event was graced by the presence of Amr Allam, the Chairman of Hassan Allam Holding Company, and Harry Boyd Carpenter, the Executive Director of Climate Strategies at the European Bank.
During the session, participants expressed their appreciation for the “NWFE” program as a model for national platforms in the field of climate action. They also acknowledged its role in providing soft financing and technical support to the private sector for the implementation of projects included in the program.
The minister has stated that Egypt has been actively involved in launching the country platform for the “NWFE” program. This initiative is built upon the wealth of experience gained through collaborations with multilateral development banks and international institutions in Egypt. Furthermore, the minister highlighted the significant impact of the structural reforms implemented in 2014, which have facilitated the realization of ambitious projects, including the notable Benban Solar Energy Complex.
