Mashat Discusses Cooperation With EBRD to Lure Private Sector's Participation in NWFE ProjectsSource: www.export-egypt.com 5/17/2023, Location: Africa |
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Minister of International Cooperation Rania Mashat had talks with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso on the executive measures taken in tandem with the bank and development partners to promote technical support for implementing energy projects under the Nexus, Water, Food and Energy (NWFE) program.
The projects aim to cut carbon emissions through implementing renewable energy projects at 10 gigawatts and closing a number of stations which operate by traditional fuel. The bank as a key development partner coordinates joint work with development partners to implement these projects. Mashat discussed during the annual EBRD meetings in Uzbekistan cooperation mechanisms with the bank to support the private sector in light of the state's approach and the State Ownership Policy Document. The private sector absorbs about 75 percent of financing. She said Egypt has several development experiences that can be transferred to south countries via cooperation with development partners. The talks tackled the continued partnerships between Egypt and the bank and the future steps to promote joint cooperation in the energy domain under NWFE and incentivize the private sector's participation in the development process through technical and investment support. Mashat said this is the first time for the minister to participate in EBRD's annual meetings which will review important decisions, especially expanding the bank's activities in Africa in the south desert and Iraq in addition to promoting the bank's role in confronting the repercussions of the war in Ukraine. The minister noted that an agreement was signed on financial closure of the new wind farm in Ras Ghareb in the Gulf of Suez area at a capacity of 500 megawatts within the framework of the NWFE program at dlrs 680 million investments. The bank contributes to the project by dlrs 100 million to the Red Sea Wind Energy company, she noted. She referred to the projects implemented by the state over the past year in the green hydrogen domain over the past year. Meanwhile, Renaud-Basso lauded the role played by the ministry in supporting the development cooperation efforts and Egypt Vision to incentivize the private sector through international partnerships. |
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