Al Mashat Announces Egypt's Selection to Benefit from CIF's Industrial Decarbonization Program with $1 Billion Funding
Basant Ahmed
Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, announced Egypt's selection among 7 countries out of 26 applicants to benefit from the Climate Investment Funds (CIF) Industrial Decarbonization Program. This program is the first global development financing initiative dedicated to reducing harmful emissions in the industrial sector of developing countries, with a value of $1 billion.
Dr. Al-Mashat pointed out that the Ministry of Planning, Economic Development and International Cooperation, in its role of fostering economic relations with international institutions and development partners, submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). This submission was based on Egypt's ambitious vision for transitioning to a green economy, reducing emissions, robust institutional capabilities, and the active participation of both domestic and foreign private sectors, particularly through development financing.
Minister Al-Mashat added that Egypt's selection among the 7 countries underscores the international community's confidence in the national strategies and efforts exerted to enhance climate action. This selection also represents a significant step towards boosting the competitiveness of the Egyptian economy and attracting more climate investments. She highlighted that the Egyptian government is working to integrate national policies and development goals with climate objectives, aiming to advance the implementation of green transformation-incentivizing policies in cooperation with international institutions.
Dr. Al-Mashat emphasized that Egypt has intensified its climate action efforts, particularly since hosting COP27 in November 2022. During this conference, Egypt launched the "NWFE" program country platform, a pioneering initiative that has received unprecedented international support and continuous commendations for its role in encouraging climate investments through partnerships among the government, international institutions, and the private sector.
The CIF confirmed that the 7 selected countries (Egypt, Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan) were chosen based on an independent expert team's assessment. The program aims to support low-emission industrial transformation and create green jobs, thereby enhancing the long-term economic competitiveness of participating countries and qualifying them to benefit from the global market for eco-friendly goods, which is projected to reach $2 trillion by 2030.
This program is part of the Clean Technology Fund (CTF) under the CIF, which has a total value of $9 billion. It leverages the CIF's private capital mobilization mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities.
Tariye Gbadegesin, CEO of the Climate Investment Funds (CIF), stated, "The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way. Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy."
It is worth noting that in November 2022, during the COP27 climate conference in Sharm El Sheikh, H.E. Dr. Rania Al-Mashat announced that Egypt's bid ranked first among countries in the North Africa and Europe region in the CIF's Nature, People, and Climate Investment initiative. Through this initiative, CIF provides $500 million in support for implementing projects in developing member countries. Technical discussions are underway between the Ministry, relevant entities, and CIF to leverage this initiative by funding a number of projects under the "NWFE" program in areas such as climate-smart agriculture, agribusiness and agricultural finance, coastal ecosystem restoration, and stimulating private sector participation as a common pillar.
The seven selected countries are expected to collaborate with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. These plans will enable countries to access highly concessional financing to scale up the adoption of clean technologies, such as green hydrogen and low-carbon industries, to achieve a global energy transition.
The program provides developing countries with access to development financing, attracts investments for climate transformation projects, and creates green job opportunities. This program is part of the Clean Technology Fund (CTF) under the Climate Investment Funds (CIF), which has a total value of $9 billion. It relies on the fund's private capital market mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. For every dollar invested by the Clean Technology Fund, $12 in additional financing is generated.
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