The "Novi" program opens the doors to financing for environmental projects in cooperation with the European Union
Program"Novi"opens funding doors for environmental projects in cooperation with the European Union
Within the framework of national efforts to promote the transition to a green economy, the Ministry of Planning, Economic Development and International Cooperation organized a round table in cooperation with the European Union and the European Investment Bank, with the participation of representatives of the Ministry of Agriculture, Land Reclamation, Water Resources and Irrigation.
The table reviewed the preliminary results of studies on the project “Adaptation in the North Delta Region Affected by Sea Level Rise,” which is included within the food axis of the national platform “Novi” program.
Project Objectives
This project is part of the national efforts led by the Ministry of Planning, Economic Development and International Cooperation. To implement 9 projects within the “Novi” program in the water, food, and energy sectors. The project is part of the national efforts to promote the transition to a green economy, in parallel with the implementation of the 2050 climate change strategy.
Dr. Rania Al-Mashat - Minister of Planning, Economic Development and International Cooperation - explained that coordination is continuing with the ministries and concerned authorities to complete the necessary technical studies for the water and food axis projects within the “Novi” program, noting that contracts for implementing renewable energy projects with a capacity of 4.2 gigawatts have already been signed, out of a total of 10 gigawatts, as part of the state’s endeavor to enhance the concept ofEconomy Green, and expansion of mitigation and adaptation projects to climate change.
The impact of the project on local communities
The project seeks to benefit about 10 million citizens and empower smallholder farmers. In order to implement policies related to adaptation and confront sea level rise, and also contribute to strengthening the response of rural communities to disasters and the effects resulting from sea level rise.
The project also seeks to encourage diversity to achieve food security and increase incomes. Which reduces the rates of internal migration from these areas towards the cities. The project targets - in particular - the governorates of (Kafr El-Sheikh - Beheira - Damietta - Dakahlia - Port Said), and contributes to preserving the fertile agricultural area within these areas, as well as expanding into reclaimed desert lands.
International Finance
Within this project, the European Union provides a grant of 125 thousand euros, while the European Investment Bank contributes a grant of 300 thousand euros. This is to finance consulting services and complete the necessary studies to implement the project. This funding is allocated to developing mechanisms that encourage the private sector and provide effective solutions to reduce public spending.
The “Novi” program is a model for concessional financing
Novi is a model for national platforms based on state ownership and an effective regional model and concessional financing approach to address climate change issues, including mitigation, adaptation and resilience, with a focus on a just transition to a green economy. The program provides an effective, people-centred approach to addressing the impacts and drivers of climate change.
In addition, the program follows the concessional development financing model, which includes blended financing tools, and is based on the development efforts of the state and national ministries within all sectors. It also supports concessional development financing provided by development partners, in addition to attracting investments from the private sector, and benefiting from the advisory services and expertise provided by the concerned authorities, with the aim of improving the efficiency of projects and increasing their ability to attract financing. Therefore, the program is an essential pillar for achieving Sustainable Development Goals (SDGs) in vital sectors.
In conclusion,Earth Guards supports these efforts that seek to achieve a balance between environmental and economic challenges, through projects that contribute to enhancing sustainability; These initiatives open the way to a better future that ensures the preservation of natural resources and meets our needs and the needs of future generations.
