The Egyptian Ministry of International Cooperation has announced that the European Union (EU) has pledged a $120 Million USD investment in Egypt to support the country’s water and energy sector’s budget. Egyptian Minister Rania A. Al-Mashat said that the financing matched the country’s vision of close international partnerships to attain sustainable economic growth and development financing.
According to the government press release, “international partnerships have achieved mutual benefits for Egypt and the international community, as it has led to the successful implementation of many projects in the water sector.”
Al-Mashat stated: “Water and energy sector are priorities for the government, as the two sectors play a role in preserving Egypt’s economic growth and enhancing sustainable development. The government adopts ambitious plans aim at boosting the sustainable management of water resources through expanding in sea water desalination and wastewater treatment projects.”
Egypt’s partnership with the European Union is robust and the current cooperation portfolio between them amounts to $1.37 Billion USD.
COP27 will be held in the Egyptian city of Sharm El Sheikh and, ahead of the Climate Change Conference, the country is implementing a strategy towards climate action and trying to stimulate the private sector to engage in the green transition.
Through the Nexus of Water, Food and Energy (NWFE) Program, the Egyptian government hopes to present the country as a success story at the COP27 meeting. NWFE is Egypt’s international partnership strategy, an integral part of the country’s National Strategy for Climate Change 2050