High-level mission to visit Egypt this week to advance industrial decarbonisation
A high-level delegation from the Climate Investment Funds, World Bank, African Development Bank, European Bank for Reconstruction and Development, and International Finance Corporation is visiting Egypt this week to advance a $250 million investment plan for low-carbon industrial projects.
The delegation is consulting on the CIF Industrial Decarbonisation Programme, the first global concessional finance initiative dedicated to reducing industrial emissions in developing countries. Egypt has been one of seven countries selected last June to benefit from the programme, reflecting the government’s commitment to a green and sustainable industrial transition.
Egypt’s Planning Minister Rania Al-Mashat said in a statement that the programme will provide $250 million in concessional finance, a $500,000 technical assistance grant, and additional funding from partner institutions represented by the EBRD, the World Bank, the IFC, and the AfDB.
She added that the ministry had worked to consolidate the concept of blended finance through numerous programs and initiatives, including the NWFE Platform to integrate government financing with private sector investments and concessional financing from international institutions.
The mission will hold workshops with government agencies and industry stakeholders to identify priority projects and maximise the programme’s impact. The initiative complements other national efforts, including the Sustainable Green Industries programme, funded by the European Investment Bank (EIB), designed to increase industrial competitiveness while reducing carbon emissions.
The Industrial Decarbonisation Programme is part of the $9 billion Clean Technology Fund (CTF), which leverages private capital to support sustainable, inclusive, and resilient development in developing countries.
Attribution: Amwal Al Ghad English