The Egyptian Ministry of International Cooperation said late on Tuesday that the “Nofi” program, a platform for green projects adopted by the Egyptian government, has raised $10.3 billion in concessional development funds after signing a number of partnership agreements and letters of intent with “multilateral and bilateral development partners and international institutions.” To finance WFP projects in the water, food and energy sectors.
The ministry said in a statement that among the funds collected during Egypt’s hosting of the United Nations Climate Conference (COP27), two billion dollars as investments for the private sector to stimulate its involvement in development efforts and enhance its participation in the transition to a green economy and push that trend forward.
She added that the signing of agreements and letters took place with representatives from the European Bank for Reconstruction and Development, the European Investment Bank, the Dutch Invest International, the Ministry of State for Energy Affairs in the United Kingdom, the Ministry of State in charge of Development and International Partnerships in France, the Danish Investment Fund for Developing Countries, the European Union, the International Fund for Agricultural Development (IFAD) and the Bank of African Development and the Islamic Development Bank Group.
The total value of the program’s investments is $14.7 billion, of which $10 billion is for the energy sector, $1.35 billion for the water sector, and $3.35 billion for the agriculture and food security sector.
In a separate statement, the ministry announced the signing of soft development funds worth $2.24 billion to implement a number of development projects and develop sustainable infrastructure that stimulate the participation of the private sector, with a number of “development partners” in the sectors of transportation, housing, electricity, renewable energy, food security, and the environment.
She said that the Egyptian government had signed four agreements in the transport and infrastructure sector, the first of which was in favor of a project to rehabilitate and raise the efficiency of the second line of the Greater Cairo Metro, with development financing of $279 million, including two million grants from the European Bank for Reconstruction and Development.
The second agreement is in favor of a project to develop the Abu Qir railway in Alexandria and convert it into an electric metro line, with development financing of $278 million from the French Development Agency.
The third is for development financing of 177 million dollars to implement a project to rehabilitate 23 trains for the first line of the Greater Cairo Metro from Spain, and the fourth to finance 400 million dollars for the project to develop a trade logistics line between Cairo and Alexandria in cooperation with the World Bank Group.
With regard to sustainable water resource management projects, funds were signed for three projects, the first of which is a $12 million grant from the German Agency for International Cooperation in favor of the Nile Delta Water Management Program project, and the second is a $10 million grant from Switzerland for the Drinking Water Management Project in Upper Egypt (Phase Two) and the third with fifty million dollars from the Kuwait Fund for Development to implement the project of establishing four desalination plants in South Sinai Governorate.
In addition, a $92 million development financing was signed from the African Development Bank for the Electricity and Green Growth Support Program, and a $1 million grant from the French Development Agency on strategic technical cooperation between Egypt and France to develop the green hydrogen sector.
In the food security sector, the Egyptian government signed four development financing agreements, the first with a value of $500 million with the World Bank Group within the framework of the emergency project to support food security and flexible response to support plans to expand wheat storage silos and enhance food security, and another with a value of $271 million from the Bank Group African development to support food security efforts.
The third agreement is $111 million in development financing from the European Union within the Food Facility Initiative, and the fourth is $47 million in development funding with the US Agency for International Development for the Agribusiness Agreement Project for Rural Development and Income Increase.
In the environment sector, the ministry said that a $15 million grant was signed with the US Agency for International Development in the framework of the Climate Initiative agreement.