Egypt secures $10bn green funds during COP27

by nevine

Egypt’s Minister of International Cooperation Rania al-Mashat revealed a $10.3 billion in financing packages for government sectors were offered for green transformation under the Nexus on Water, Food and Energy (NWFE) programme.

Al-Mashat’s announcement came on Monday during a meeting with the President Abdel Fattah al-Sisi and the Prime Minister Moustafa Madbouly, reviewing the results of the UN Climate Summit COP27 in mobilising development funds.

The financing aim to implement a number of diverse national projects in water, food, energy, and transport sectors, the meeting highlighted.

In regard of water and food axes, the new funds will lead to the expansion of irrigation projects using clean energy to reduce harmful emissions and promote sustainable agricultural activities, Al-Mashat stated.

As for the energy axis, the funds seek to implement wind power plants, clean energy and green hydrogen, in addition to saving emissions and reducing dependence on traditional fuel from the stations.

Meanwhile, al-Sisi has directed to form specialized technical work teams in each concerned ministry to provide a quick path for the completion of all procedures and approvals related to these projects.

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