President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso announced that EBRD endorses Egypt’s Country Platform for NWFE (Nexus of Food, Water and Energy) under the energy pillar.
Basso made the announcement during the second edition of the Egypt-International Cooperation Forum (Egypt-ICF), which kicked off on Wednesday at the New Administrative Capital.
She highlighted that EBRD will expand its contribution to support Egypt’s just energy transition through a total fund of $200-300m of the public investment plan under Egypt’s #NWFE- Energy Pillar, and invest up to USD 1bn in the associated renewable energy program.
Over a period of 10 years, the EBRD has invested around $10 billion across a very wide range of sectors to generate growth and opportunities for its citizens across the country, Basso said.
She highlighted that Africa is blessed with a rich bounty of natural resources, which cannot be overlooked when it comes to combating climate change, and that public-private partnerships are urgently needed to support Africa’s energy transition.
Basso concluded by thanking and congratulating the Government of Egypt, President Abdel Fattah Al-Sisi, and Minister Rania Al-Mashat on convening the international community for this important gathering, which comes ahead of Egypt’s hosting of COP27 in Sharm El-Sheikh this year.
This year’s Egypt-ICF and the Meeting of African Ministers of Economy, Finance and Environment, will provide a platform for governments, multilateral and bilateral development partners, philanthropic foundations, private sector, think tanks, and civil society to consider the challenges the continent is offset by and explore avenues to overcome them.
The Forum’s overall objectives include mobilization of, and access to finance, to mobilize financing and catalyze private sector investments, focused on developing countries and Africa; financing climate action, adaptation and mitigation to leverage the necessary public and private support to accelerate climate action; and providing a timely platform to explore needed national actions that would help progress towards a just and green transition.