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Al-Sisi reviews COP27 outcomes in terms of green transformation finance - Daily News Egypt

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Al-Sisi reviews COP27 outcomes in terms of green transformation finance

Total financing packages of $10.3bn were signed in COP27: Al-Mashat

Egypt’s President Abdel Fattah Al-Sisi met on Monday with Prime Minister Mostafa Madbouly and Minister of International Cooperation Rania Al-Mashat to discuss the results of the Sham El-Sheikh climate summit COP27, in terms of international funds for green transformation under the Nexus on Water, Food and Energy (NWFE) programme.


The Minister of International Cooperation confirmed that the NWFE programme received great support and praise from international partners during the climate summit being a pioneering Egyptian model that integrates development efforts and the climate action agenda by mobilizing diversified funding for green development projects within one national programme.


During the meeting, Al-Sisi directed the optimal use of those development funds for the improvement of the life conditions of citizens, especially in villages, in integration with the relevant presidential initiatives, especially in the irrigation and agricultural sectors, in order to support farmers, increase crop productivity, and diversify agricultural crops.


Moreover, Al-Mashat said that a total of $10.3bn in financing packages for government sectors were offered by multiple development partners, which aim to implement a number of diverse national projects in water, food, energy, and transport sectors.


With regard to the axes of water and food, the Minister of International Cooperation stated that the new funds will lead to the expansion of irrigation projects using clean energy to reduce harmful emissions and promote sustainable agricultural activities.


It will also lead to the establishment of seawater desalination plants using clean energy and the modernization of irrigation systems in agricultural lands, which will reduce waste water and helps increase crop productivity and provide water to reclaim more lands, serving more than 50 million citizens in the Nile Valley and the Nile Delta, who will benefit from food and water security projects to support them in facing the repercussions of climate currents.


As for the energy axis, the funds aim to implement wind power plants, clean energy and green hydrogen, in addition to saving emissions and reducing dependence on traditional fuel from the stations.


Al-Mashat also presented the results of the economic conference regarding the role of international cooperation and development financing in stimulating the participation of the private sector.


Meanwhile, the President directed to expedite the implementation of projects launched in cooperation with development partners and the private sector during the Sharm El-Sheikh summit, and to form specialized technical work teams in each concerned ministry to accelerate all procedures and approvals related to those projects.

Topics: COP27

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