Egypt signs $14B agreements to finance NWFE initiative – Egypt Today

Egypt signs $14B agreements to finance NWFE initiative – Egypt Today

CAIRO - 17 November 2022: The Egyptian government has adopted several initiatives for green transformation and achieving comprehensive and sustainable development, the most important of which is the "NWFE" initiative, which witnessed financing of about $14 billion, according to the Minister of Finance Mohamed Maait.

Maait elaborated the financing came through the signing of several agreements on the sidelines of the "Funding Day" activities to provide appropriate financing from several parties to achieve sustainable food security, the transition to clean and renewable energy and the development of the water sector.

The minister stressed the importance of the role of international financial institutions in providing low-cost and concessional financing to emerging economies; in a way that contributes to adapting and coping with the negative consequences of climate change and the gradual transition to a green economy based on the use of clean energy resources such as green hydrogen, which represents a great opportunity for Egypt to become a pioneer in its field of production.

This came in a virtual meeting with Jay Collins, Vice Chairman of the Board of Directors of “Citibank for Banking Services”, and a group of international investors on the sidelines of the Climate Summit in Sharm El-Sheikh.

The minister pointed out