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Thursday, 10 November 2022

We just lined up USD 15 bn in financing for NWFE projects

Egypt is getting USD 15 bn for energy, food + water projects under NWFE: Egypt has signed a number of partnerships with international finance institutions and development partners to implement projects worth USD 15 bn under its Nexus on Water, Food and Energy (NWFE) program, the COP27 Presidency said in a statement yesterday. The program is the government’s flagship initiative for getting climate finance to some of our most important green projects.

The details: The sizable investments will fund the implementation of one main energy project worth USD 10 bn and eight food security, agriculture and irrigation and water projects, the statement said. They include scrapping 5 GW of gas-fired plants and replacing them with renewable energy, boosting small farmers’ adaptation against climate change, and raising crop yields and water efficiency. The projects aim to achieve the emissions targets in Egypt’s recently announced nationally determined contributions (NDCs).

Where’s the money coming from? Officials from our friends at EBRD and HSBC were present at the signing ceremony, as were the good folks at African Development Bank, Citibank and Deutsche Bank, but the statement didn’t disclose the funding breakdown. Representatives of the multilateral lenders have in recent weeks announced their participation in the initiative, with the EBRD revealing it will provide USD 200-300 mn to the energy project and the AfDB saying it will give more than USD 1 bn to energy, food and water projects.

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