COP27 host Egypt has secured nearly $10 billion in funding in ways it hopes can provide a template for other developing nations to obtain climate-related finance, its international cooperation minister said.
For countries that are not major coal producers, it provides a way to access larger-scale financing, Mashat said.
Egypt has nine projects under its NWFE platform, which covers energy, water and food security, and has a second E-PACT platform covering transport and the environment. Many countries have been talking to multilateral development banks about actions similar to NWFE, Mashat said. Western states and the European Bank for Reconstruction and Development this week pledged more than $500 million in public financing for the energy project, including the debt swap with Germany.
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