Egypt expands NWFE to support $1.3b IMF deal

Egypt has expanded its national platform for green projects, NWFE, by integrating new mitigation and adaptation initiatives, a move aimed at supporting structural reforms linked to a $1.3 billion IMF Resilience and Sustainability Facility, Minister of Planning Rania Al Mashat stated.

Al Mashat said that the IMF agreement involves structural reforms to implement Egypt’s national climate strategy and accelerate the green transition. As part of these efforts, four agreements have been signed to include additional projects in NWFE programme.

The agreements include a partnership with Norway’s Scatec to integrate its renewable energy projects and a framework deal with TAQA Arabia and Voltalia Egypt-Jordan for the development of the Zafarana renewable energy plant.

Additionally, a desalination plant in Ain Sokhna has been incorporated into the programme. Scatec has also signed a power purchase agreement with Egyptalum to build a 1 GW solar plant for the Nag Hammadi aluminium complex.

Al Mashat highlighted that integrating these projects into NWFE enables access to innovative financing mechanisms, including concessional loans, debt swaps, and development grants, enhancing Egypt’s appeal for foreign direct investment in the green sector.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama