The European Investment Bank (EIB) will provide soft loans worth €4b to Egypt to implement Nexus of Water, Food, and Energy (NWFE) projects until 2030.
The announcement was made by Rania A Al-Mashat, the Egyptian Minister of International Cooperation during her closing speech at the European Investment Bank MED conference on 10 July.
NWFE, launched during COP27 last year, is Egypt’s national platform for green projects to accelerate the pace of green transformation and implement the climate action agenda, according to the “Zawya” website.
Al-Mashat reminded the attendees that during COP27, Egypt and the EIB had signed a partnership agreement within the energy axis of the NWFE program, in addition to other agreements in transport and water, as well as enhancing food security.
She explained that her Ministry is working to enhance the country’s development priorities and in this regard, the development cooperation portfolio includes more than 36 projects to achieve SDG 9: Industry, Innovation, and Infrastructure, with a value of $5.7b, representing approximately 22 percent of the total portfolio, 30 projects under SDG 11: Sustainable Cities and Communities with a value of $1.5b, and 34 projects for SDG 7: Affordable and Clean Energy with a value of $5.9b.
EIB’s current development portfolio in Egypt totals €3.5 b.
