Minister of International Cooperation Rania Al-Mashat discussed with the head of the Environment and Infrastructure Finance Group at the Japanese Bank for International Cooperation (JBIC), Uchida Makoto, new mechanisms for implementing the Memorandum of Understanding (MoU) for the strategic partnership for financial and economic cooperation that was signed during the visit of the Japanese Prime Minister to Egypt.
The meeting also highlights the efforts to strengthen the role of the companies of the Japanese private sector to support the state’s efforts in development, climate action, and infrastructure projects. The discussion also tackled the participation of the Japanese private sector in implementing the national platform for green projects, the “Nouwfi” program.
“Al-Mashat stressed the importance of the Japanese Prime Minister’s visit to Egypt, the strength and durability of the joint relations between the two parties, and the desire of their leaders to move towards enhancing strategic relations and increasing areas of joint cooperation.
The axes of the national platform for green projects reviewed NWFE programme, which was launched at the COP27, to serve as an example and model for Qatari platforms aimed at stimulating development and climate action, by focusing on three main axes. They are water, food and energy. Additionally, the government is looking forward to the participation of the Japanese private sector in the implementation of projects.
Al-Mashat praised the Japanese role in supporting many important projects in Egypt, in cooperation with Japanese companies, and providing easy financing mechanisms for private sector companies in sustainable development.
The Minister of International Cooperation also welcomed cooperation with the Japanese side to stimulate development funds and green investments, looking forward to a new phase that enhances climate action and expands the base of private sector participation in development. Al-Mashat also stressed that the government is working to provide all necessary facilities and procedures to attract more Japanese investments in various fields, especially in renewable energy – a vital sector for sustainable development in Egypt.
Al-Mashat also highlighted the Bank’s support to the efforts of the private sector in development projects. She mentioned that an agreement was signed to implement a project to establish a wind farm with a capacity of 500 megawatts in Zeit gulf, through cooperation with Sumitomo Company, with the remaining $281m. Last March, the Bank signed an agreement with the Red Sea Wind Energy Company worth $240m to implement a project to establish a wind energy farm in Ras Ghareb in the Red Sea with a capacity of 500 megawatts, and it will be implemented through Toyota Tsusho and Eras Electricity Holding Company.
For his part, the representative of the Japanese bank stressed the importance of Egypt as an investment destination for Japan and a gateway to the continent of Africa. He noted that Egypt’s hosting of the COP27 last November left a positive impact on the interest of Japanese companies in supporting energy projects in Egypt.
He expressed the bank’s interest in supporting the renewable energy sector in Egypt within the framework of the Egyptian government’s strategy for climate change 2050, by supporting and financing wind energy projects. He explained that the bank’s investments In Egypt exceed $1.26bn in Egypt for the private sector to implement many projects in various fields, especially renewable energy.
It is worth noting that a strategic partnership MoU was signed between the government and the JBIC, covering a number of areas of cooperation to serve the goals of sustainable development, including Nouwfi program, Haya Karema initiative, the mission to reduce carbon emissions and other sectors.
JBIC is a governmental financial institution established in 1999. It operates in 18 countries through 21 offices. The main goal of the bank is to promote economic cooperation between Japan and oversea countries by providing resources for foreign investment and promoting international trade. The Bank seeks to contribute to the stability of the international financial system and promote sustainable development.
