Minister of International Cooperation Rania El-Mashat said Egypt is looking forward to finalizing agreements on funds allocated for the NWFE Program for linking water, food, and energy sectors that are worth $14.7 B before the 28th session of the Conference of the Parties (COP28) to the UNFCCC that will convene in Dubai from Nov. 30 to Dec. 12.
In statements to MENA Sunday, the minister said the Egypt National Climate Change Strategy (NCCS) 2050 – that the Cabinet approved in July – is a massive strategy covering many giant projects for adaption and assuaging the impact of climate changes, encompassing sustainable transportation, water desalination, new and renewable energy projects and food security across Egypt, stating that sources for funding the strategy’s mechanism have not yet been set.
According to Mashat, financing sources would include the State General Budget and the private sector, in addition to easy financing through development companies.
The minister noted that NWFE Program funds increased during the COP27, which was held in the Red Sea resort city of Sharm el-Sheikh in Nov. 2022, to reach $10.3 B.
Egypt launched the NWFE Program to attract funds and investments for a list of green projects in the water, food, and energy sectors.
The NWFE Program’s total investments include $10 B for the energy sector, $1.35 B for the water sector, and $3.35 B for the agriculture and food security sectors, Mashat said.
The Ministry of Environment prepared this program in cooperation with the ministries concerned in line with the National Climate Change Strategy 2050 and the Nationally Determined Contributions Plan 2030, which resulted in a package of programs and projects that were classified and merged to support the field of Water–Energy–Food Nexus.
The projects of the NWFE Program aim to promote eco-friendly projects following the National Climate Change Strategy 2050 and to enhance Egypt’s Vision 2030 through active participation in financing the list of projects by development partners, international financial institutions, multilateral development banks, as well as the private sector.