The European Investment Bank (EIB) plans to commit EUR 4 bn in financing to Egyptian development projects between now and 2030, including funding for the government’s flagship Nexus for Water, Food and Energy (NWFE) climate adaptation program, International Cooperation Minister Rania Al Mashat said yesterday during a virtual speech at the EIB MED Conference. Al Mashat did not name the specific projects that are set to receive funding.

NWFE? The International Cooperation Ministry’s program aims to raise blended finance for nine climate adaptation and renewables projects worth a combined USD 15 bn. These include a massive energy project worth US 10 bn, five projects in the field of agriculture and food security, and three in irrigation and water resources. The program was launched ahead of last year’s COP27 climate summit.

The EIB is already a “main development partner” for NWFE and on the sidelines of COP27 said it could commit some USD 1.5 bn in financing for Egyptian water treatment projects.

International have shown NWFE a lot of love: The African Development Bank (AfDB) earlier this year said it has mobilized USD 2.2 bn to improve our water security under the NWFE program. The European Bank for Reconstruction and Development — the lead partner on NWFE’s energy pillar — has allocated USD 200-300 mn to the energy track of the program. The money will help Egypt to decommission 5 GW of gas-fired power plants starting this year. The International Fund for Agricultural Development (IFAD) is committing USD 200 mn to the food track, while a number of other organizations partnering with IFAD are providing another USD 775 mn.

Lots of commitments from the EIB: The bank recently said it willinvest EUR 50 mn every year into Egypt-focused private equity and venture capital firms. In May it also inked an agreement to provide USD 15 mn to Alexbank for on-lending to green projects

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