Egypt, EBRD to boost partnership to accelerate sustainable energy transition
Egypt and the European Bank for Reconstruction and Development (EBRD) have reaffirmed their commitment to deepening their partnership to drive sustainable energy investments. During the COP29 Climate Conference, Egypt’s Minister of Planning and Economic Development, Rania A. Al-Mashat, met with EBRD President Odile Renaud-Basso to discuss expanding co-operation.
The meeting focused on expanding co-operation between Egypt and the EBRD, particularly in mobilising concessional financing and private sector investments for Egypt’s energy projects under the country’s Platform for the Nexus of Water, Food and Energy (NWFE) Programme.
Minister Al-Mashat commended the strong partnership with the EBRD, emphasising the bank’s vital role in Egypt’s renewable energy transformation. As the lead development partner for the energy pillar of the NWFE Programme, the EBRD helped Egypt secure over $2.5 billion in concessional financing for renewable energy projects. These efforts align with Egypt’s ambitious goal of achieving 42 per cent renewable energy capacity by 2030.
Egypt’s achievements under the NWFE Programme include signing contracts for renewable energy projects with a total capacity of 4.7 GW, and further work is underway to reach the program’s target of 10 GW. At the same time, Egypt is decommissioning 12 thermal power plants with a combined capacity of 5 GW.
The success of the NWFE Programme has sparked interest from other governments eager to replicate Egypt’s model for sustainable energy development. Minister Al-Mashat highlighted that Egypt’s growing collaboration with the EBRD is not limited to energy but extends to key sectors like health, education, and industrial development, which are crucial for driving sustainable economic growth.
Since 1991, Egypt and the EBRD have built a strong relationship, with the bank’s investments totaling over €12 billion across 178 projects, the majority of which have supported Egypt’s private sector. The minister further reaffirmed Egypt’s commitment to deepening its partnership with the EBRD, particularly to foster job creation and enhance competitiveness in Egypt’s economy.
Attribution: the Egyptian Cabinet
Subediting: Y.Yasser
