This came at the first follow-up report of the NWFE program, launched by the Ministry of International Cooperation, on the occasion of the one-year anniversary of the launch of the NWFE program, the link between water, food and energy projects.
This came during a roundtable to discuss the progress made within Egypt's Country Platform for the Nexus of Water, Food and Energy (NWFE) program, which was launched in July 2022.
Under the energy pillar, the NWFE program endeavors to leverage innovative financing solutions encompassing grants, debt swaps, technical assistance, credit guarantees, private sector investments, and concessional development funding.
Egypt is set to undertake renewable energy projects with a total capacity of 10 gigawatts and investments amounting to $10 billion over the next five years
Those investments are divided into $10 billion for energy sector projects to implement plants generating 10 GW of renewable energy, and $1.35 billion directed to water sector projects, in addition to $3.35 billion for food security projects.
Al-Mashat elaborated that the main objective is to move from pledges to implementation; accelerating climate action, mobilizing development financing and private sector investments, and providing technical support in the priority sectors of water, food, and energy.