- AIIB has announced its partnership agreement with the Egyptian government to support the country-led climate action and renewable energy program NWFE.
- NFWE is a three-part programme to boost the country’s renewable energy capacity and catalyse climate action under the Egypt National Climate Change Strategy.
The Asian Infrastructure Investment Bank (AIIB) has announced its partnership agreement with the Egyptian government to support the country-led climate action and renewable energy program; Nexus on Water, Food and Energy(NWFE). It is expected to mobilise US$10 billion in investments for the installations of 10GW of solar and wind by 2028.
The Nexus on Water, Food and Energy (NFWE) is a three-part programme established by Egypt’s Ministry of Electricity and Renewable Energy, Ministry of Environment and Ministry of International Cooperation to boost the country’s renewable energy capacity and catalyse climate action under the Egypt National Climate Change Strategy.
AIIB vice president for investment operations Konstantin Limitovskiy said: “We are very happy to reinforce our full support by joining the Egyptian Nexus of Food, Water and Energy initiative, which is a model led by the country in addressing climate imperatives. AIIB has already built a pipeline exceeding US$1 billion for Egypt, and the NWFE Partnership presents another opportunity for our enhanced collaboration”.
In addition, at COP27, the AIIB announced that it will contribute to the energy pillar of the NFWE, which targets 10GW of renewables deployment by 2028 and retiring 5GW of inefficient fossil fuel capacity by 2025. This effort will reduce natural gas consumption, estimated at 17 million tons of CO2 annually.