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Egypt Today
6 days ago
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
CairoScene
6 days ago
- Business
- CairoScene
Egypt One of 7 Nations Tapped for USD 1 Billion Decarbonisation Fund
Launched by the Climate Investment Funds, the Industrial Decarbonisation Programme focuses on industrial emissions from lower to middle-income nations. Jun 15, 2025 Egypt has been named one of seven countries selected to participate in a new USD 1 billion programme aimed at reducing industrial emissions in developing nations. Launched by the Climate Investment Funds (CIF), the Industrial Decarbonisation Programme is the first initiative of its kind to focus specifically on emissions from the industrial sector in lower- and middle-income countries. Egypt was chosen from a group of 26 applicants, along with Brazil, Mexico, Namibia, South Africa, Turkiye, and Uzbekistan. The decision to include Egypt was seen as an endorsement of the country's efforts to transition toward a greener economy. CIF cited Egypt's established institutional framework, its collaboration with development banks, and its engagement with the private sector as key factors behind its successful application. The proposal was prepared in coordination with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). Applications to the Industrial Decarbonisation Programme were reviewed by an independent panel. Countries selected will now begin working with multilateral lenders and private sector partners to prepare national investment plans for CIF board review. These plans are expected to unlock access to concessional funding and emerging technologies, including green hydrogen, in support of long-term industrial transformation. The programme is part of the CIF's USD 9 billion Clean Technology Fund, which aims to leverage USD 12 in additional capital for every USD 1 of public funding invested.
Business Insider
13-06-2025
- Business
- Business Insider
AfDB approves $184.1 million for Africa's largest solar project in Egypt
The African Development Bank Group's Board of Directors has approved up to $184.1 million in financing for the Obelisk solar project in Egypt, which is set to become Africa's largest solar power plant. The African Development Bank approved $184.1 million for Egypt's Obelisk solar project. This project includes a 1-gigawatt solar PV facility and a 200MWh battery storage system. Located in Qena Governorate, its electricity will be sold under a 25-year agreement. The African Development Bank Group's Board of Directors has approved up to $184.1 million in financing for the Obelisk solar project in Egypt, which is set to become Africa's largest solar power plant. The project will feature a 1-gigawatt solar photovoltaic (PV) facility and a 200MWh battery energy storage system, according to the bank's website. Located in the Qena Governorate of southern Egypt, the project involves the design, construction, operation, and maintenance of the integrated solar and battery system. The Egyptian Electricity Transmission Company will serve as the sole off-taker through a 25-year Power Purchase Agreement. 'Obelisk is another landmark development under NWFE that leverages on Egypt's and the African Development Bank's leadership as well as commitment to harnessing the country's renewable energy to enhance the resilience of the country's energy supply to meet its fast-growing energy demand sustainably,' said Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate, and Green Growth. With a total estimated cost exceeding $590 million, the Bank Group's financing package includes $125.5 million from its ordinary resources, along with concessional funding from several Bank-managed sources: $20 million from the Sustainable Energy Fund for Africa (SEFA), $18.6 million from the Canada-African Development Bank Climate Fund (a partnership with the Government of Canada), and $20 million from the Climate Investment Fund's Clean Technology Fund. Additional funding will be raised from a consortium of development finance institutions. Under Egypt's Nexus of Water, Food, and Energy (NWFE) platform, the Obelisk solar project has been granted a Golden License, recognizing it as a strategic initiative that supports Egypt's efforts to overcome energy constraints and accelerate its clean energy transition. Dr. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, described the project as a key milestone under NWFE's energy pillar. Clean energy for millions Since its launch at COP27 in Sharm El Sheikh in November 2022, the NWFE energy program has attracted $4 billion in private investment to support 4.2 GW of renewable energy capacity. The broader goal is to install 10 GW of renewable energy and phase out 5 GW of fossil fuel-based power generation by 2030, with total investments estimated at $10 billion. Expected to be fully operational by the third quarter of 2026, the Obelisk project will supply approximately 2,772 gigawatt-hours of clean, affordable, and reliable electricity to Egypt's national grid each year. The project is projected to reduce carbon dioxide emissions by around one million tons annually and generate significant socio-economic benefits, including the creation of about 4,000 jobs during construction and 50 permanent positions during operation, with a focus on employing women and youth.
