Multilateral banks laud Egypt’s Climate Finance Platform at COP29
Twelve multilateral development banks issued a joint statement at COP29 in Azerbaijan praising Egypt’s Nexus of Water, Food, and Energy (NWFE) program as a model for mobilising climate finance. The statement, titled “Country Platforms for Climate Action: MDB Statement of Common Understanding & Way Forward,” highlighted the NWFE program’s success in translating climate strategies into actionable projects.
The banks, including the World Bank Group, the African Development Bank, and the European Investment Bank, affirmed that national platforms are powerful mechanisms to support the development and implementation of countries’ climate strategies and nationally determined contributions (NDCs). They commended Egypt’s NWFE program, launched in 2022, for its focus on the interconnections between water, food, and energy – identified as priority areas for climate and development. The statement noted that the program contributes to climate change mitigation and adaptation, supports resilience, and facilitates a just transition across various sectors.
“The multilateral development banks commended Egypt’s country platform for the Nexus of Water, Food and Energy ‘NWFE’ program,” the statement read. “They highlighted that the platform focuses on the interconnections between water, food, and energy, which Egypt has identified as priority areas for climate and development. The Egyptian platform contributes to both climate change mitigation and adaptation, supports resilience, and facilitates a just transition within the broader environmental goals across sectors such as energy, transportation, water, and agriculture.”
Egyptian Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, welcomed the statement, emphasising the NWFE program’s role in policy coordination and its translation of climate strategies into projects.
“After nearly three years of preparation and implementation, the ‘NWFE’ program has become a focal point for many multilateral development banks and international institutions due to its ability to create an innovative platform for policy coordination, based on the G20 principles, to translate climate strategies into actionable projects,” Al-Mashat said.
She highlighted that the NWFE program offers a distinct model compared to Just Energy Transition Partnerships (JETPs), fostering collaboration between the government, international institutions, and the private sector.
“Egypt has presented a distinct model from the Just Energy Transition Partnerships (JETP) platforms, creating a collaborative space between the government, international institutions, and the private sector to implement the 2050 National Climate Change Strategy and NDCs,” Al-Mashat added. “The strong partnership with multilateral development banks has helped establish an innovative platform that integrates vital sectors supporting climate action. Furthermore, the program’s design translates national visions and strategies into projects that attract green investments in adaptation and mitigation. H.E. affirmed that the program reflects Egypt’s commitment to moving from pledges to implementation.”
Al-Mashat also noted the program’s promotion in international forums since COP27, attracting interest from other developing and emerging countries, particularly in Africa. The statement also identified four key pillars for successful national climate action platforms: political commitment and national ownership; identifying investment needs; mobilising public and private sector financing; and ensuring transparency and measurable progress. The banks reaffirmed their ongoing support for countries in developing and implementing national climate action platforms, collaborating with partners and climate funds to expedite access to finance.
The NWFE program itself comprises 26 priority projects by 2030, with nine projects currently underway in water, food, and energy sectors, requiring an estimated investment of around $14.7bn. The Egyptian Ministry is working with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the International Fund for Agricultural Development (IFAD) to mobilise innovative financing mechanisms, including debt-for-climate swaps, grants, and concessional financing.
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