The Asian Infrastructure Investment Bank (AIIB) has joined a partnership agreement with the Egyptian government, expected to mobilise US$10 billion in investments to deploy 10GW of solar and wind by 2028.
The Nexus on Water, Food and Energy (NFWE) is a three-pronged 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.
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At COP27, the AIIB announced that it will contribute to the energy pillar of the NFWE, which targets 10GW of renewables deployment by 2028 as well as retiring 5GW of inefficient fossil fuel capacity by 2025.
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 the early days of the COP27 conference this month, the AIIB signed up as a financial partner to IRENA’s Energy Transition Accelerator Financing Platform, channelling finances to renewable energy projects in developing countries.
Egypt has committed to quadrupling the portion of its energy capacity represented by renewables to 42% by 2030.
Last week, solar developer Juwi commissioned a 36MW hybrid PV project to power a gold mine in Egypt.