A high-level international mission to support green transformation projects in the industrial sector
A high-level international mission to support green transformation projects in the industrial sector
The Ministry of Planning, Economic Development and International Cooperation plays a major role in coordinating efforts between national agencies, development partners and international institutions, to promote the green transformation in the industrial sector, achieve the greatest benefit from international initiatives, programs and development financing, and increase the participation of the private sector in financing the green transformation in Egypt through blended financing in line with Egypt’s Vision 2030 and the comprehensivesustainable developmentgoals.
Based on this role, the Ministry will receive, this week, a high-level mission, which includes representatives of the Climate Investment Fund (CIF), the European Bank for Reconstruction and Development, the World Bank, the African Development Bank, and the International Finance Corporation, to discuss the implementation of the program to reduce emissions in the industrial sector, which the Fund recently launched, which is the first global concessional financing initiative for reducing harmful emissions in the industrial sector in developing countries.
The mission is informed of the program and available mechanisms
The mission aims to hold workshops to introduce the program and the mechanisms available through it with the relevant parties from the national authorities and the private sector interested in this file. The mission also seeks to learn about the current situation with regard to the industrial sector, and the efforts made by the Egyptian state to reduce industrial carbon and reduce harmful emissions, and to discuss ways to benefit from the program in light of the needs and priorities of the Egyptian state.
The pursuit of green transformation in the industrial sector
In recent years, Egypt has sought to reduce emissions by relying on clean, environmentally friendly energy sources and reducing dependence on fossil fuels. It has also sought to localize the solar panel industry to benefit from solar energy, which shows the Egyptian state’s commitment to shifting towards a green and sustainable economy. This is why the Climate Investment Fund chose the Arab Republic of Egypt to benefit from the presented program, which aims to reduce carbon from the industrial sector.
Finances for industrial carbon reduction projects
Dr. Rania Al-Mashat explained that the program provides financing worth $250 million to contribute to the implementation of projects that reduce industrial carbon, in addition to providing a technical support grant worth $500,000 to support the preparation of the program’s investment plan, which allows developing an integrated vision for priority projects. Egypt also receives supplementary financing from partner agencies represented by the European Bank for Reconstruction and Development, the World Bank, the International Finance Corporation, and the Development Bank. African.
“Novi” is a national platform for concessional financing
The “Nofi” program represents a national program, an effective regional model, and a concessional financing approach to deal with issues of adaptation, mitigation, and resilience. The Ministry of Planning, Economic Development, and International Cooperation worked to consolidate the concept of blended financing through the “Nofi” program to combine government financing, private sector investments, and concessional financing from international institutions, which leads to achieving the maximum benefit from the financing and stimulates the private sector to pump local investments. And foreign.
Governmental cooperation aims to reduce industrial carbon
Within the framework of governmental cooperation between ministries and agencies in the field of industrial carbon reduction, the Ministry of Planning, Economic Development and International Cooperation held a series of preparatory meetings with active government agencies such as the Ministries of Industry and Transport, Petroleum and Mineral Resources, Electricity and Renewable Energy, and the Business Sector. It aims to consult and determine the Egyptian government’s ambitious priorities in the field of industrial carbon reduction, and ways to benefit from the program.
Dr. Rania Al-Mashat confirmed that the Climate Investment Fund (CIF) program integrates with other programs implemented to support the Egyptian industry, enhance competitiveness, increase exports abroad, and promote the green transformation, most notably the sustainable green industries program funded by the European Investment Bank, noting the ministry’s keenness to direct the financing and implemented programs to the priorities of the Egyptian state.
The Minister of Planning, Economic Development and International Cooperation had announced, last June, that Egypt had been selected among 7 countries out of 26 countries that applied to benefit from the Industrial Sector Emissions Reduction Program of the Climate Investment Fund CIF, which is the first global soft financing initiative dedicated to reducing harmful emissions in the industrial sector in developing countries, with a value of one billion dollars.
This program is part of the Clean Technology Fund (CTF) of the Climate Investment Fund, which has a total value of $9 billion, and relies on the Fund’s capital markets mechanism, which is the first of its kind in mobilizing private capital to support countries’ sustainable, inclusive and resilient development priorities.
The efforts of the state and government institutions also integrate with the efforts of civil society institutions such asThe Earth Guards Foundationto identify priority projects by directing international funds supporting the green transition and reducing dependence on fossil fuels.
