Dr. Rania Al-Mashat, Minister of Planning, has underscored the significant role of the National Platform for the NWFE program in advancing Egypt’s structural reforms necessary to secure the International Monetary Fund’s (IMF) $1.3 billion flexibility and sustainability facility. The inclusion of new projects in the fields of climate change mitigation and adaptation within the platform marks a critical milestone in the country’s ongoing green transformation efforts.
Dr. Al-Mashat explained that the agreement with the IMF entails a series of structural reforms, which are essential for realizing Egypt’s National Climate Change Strategy and accelerating the green transition. The expansion of the NWFE program incorporates additional projects in the areas of mitigation and adaptation, further strengthening Egypt’s position in securing the IMF facility.
In a significant development, Prime Minister Dr. Mostafa Madbouly attended the launch of the second follow-up report for the NWFE program, during which four new agreements were signed to integrate additional projects into the platform. The first agreement was between the Ministry of Planning, Economic Development, and International Cooperation and the Norwegian company Scatec. This agreement will see Scatec’s renewable energy projects incorporated into the energy sector of the NWFE program. Additionally, a framework agreement was signed with Taqa Arabia and Voltalia Egypt & Jordan to include the development of the Zafarana renewable energy station as part of the program.
Furthermore, the Ministry of Planning, Economic Development, and International Cooperation, the Ministry of Finance, and the Suez Canal Economic Zone signed an agreement to add the Ain Sokhna water desalination plant to the water sector of the NWFE program. This initiative aims to bolster the country’s sustainable water management efforts.
Additionally, Scatec and the Egypt Aluminum Company signed an energy purchase agreement to establish a 1-gigawatt solar power station that will supply clean energy to the Nagaa Hammadi Aluminum Complex. This solar project is part of the energy sector initiatives under the NWFE program, which aims to transform Egypt’s energy landscape.
Dr. Al-Mashat emphasized that the inclusion of these projects into the NWFE program would enable them to access innovative financing mechanisms provided by Egypt’s international development partners. These mechanisms include concessional financing, debt swaps, and development grants. Additionally, the program offers technical assistance in project preparation and feasibility studies, which will play a crucial role in attracting foreign direct investment to Egypt’s green transition.
The Minister reiterated that these efforts underscore Egypt’s commitment to a green economy transition. These projects are central to Egypt’s broader agenda of achieving climate resilience and sustainable economic growth.
For a detailed overview of the second follow-up report for the NWFE program, visit the official report:
Link to Report
