Egypt seeks to finalize agreements on funds directed to “NWFE” Program ahead of COP28 – Egypt Today

Egypt seeks to finalize agreements on funds directed to “NWFE” Program ahead of COP28 – Egypt Today

CAIRO - 15 January 2022: Minister of International Cooperation Rania el-Mashat said Egypt is looking forward to finalize agreements on funds allocated for “NWFE" Program for linking water, food and energy sectors that are worth of $14.7 billion before the 28th session of the Conference of the Parties (COP28) to the UNFCCC that will convene in Dubai from Nov. 30 to Dec. 12.

In statements to MENA Sunday, the minister said the Egypt National Climate Change Strategy (NCCS) 2050 - that the Cabinet approved in July - is a massive strategy covering a number of giant projects for adaption and assuaging the impact of climate changes, encompassing sustainable transportation, water desalination, new and renewable energy projects and food security across Egypt, stating that sources for funding the strategy's mechanism have not yet been set.

According to Mashat, financing sources would include the State General Budget and the private sector, in addition to easy financing through development companies.

The minister noted that “NWFE” Program funds increased during the COP27, that was held in the Red Sea resort city of Sharm el-Sheikh in Nov. 2022 to reach $10.3 billion.

Egypt launched the “NWFE " Program to attract funds and investments for a list of green projects