The Asian Infrastructure Investment Bank has joined the cooperation agreement with the Egyptian government and is expected to mobilize 10 billion dollars of investment to deploy 10GW of solar and wind energy by 2028. The relationship between water, food and energy is a three pronged plan developed by Egypt's Ministry of Electricity and Renewable Energy, the Ministry of Environment and the Ministry of International Cooperation, which aims to improve the country's renewable energy capacity and promote climate action.

On COP27, the AIIB announced that it would make contributions to the energy pillar of NFWE, which aims to deploy 10GW of renewable energy by 2028 and retire 5GW of inefficient fossil fuel capacity by 2025.

Konstantin Liptovsky, the vice president in charge of investment operations of the Asian Investment Bank, said: We are pleased to strengthen our full support by joining the Egyptian Food, Water and Energy Relations Initiative, which is a model of Egypt's leadership in addressing climate issues. The Asian Investment Bank has built more than 1 billion dollars of pipelines for Egypt, and the NWFE partnership provides another opportunity for us to strengthen cooperation.

At the early stage of this month's COP27 meeting, the AIIB signed a contract to become the financial partner of IRENA's energy transformation accelerator financing platform to fund renewable energy projects in developing countries. Egypt promised to quadruple the energy capacity represented by its renewable energy to 42% by 2030. Last week, Juwi, a solar developer, commissioned a 36MW hybrid photovoltaic project to power a gold mine in Egypt.Editor/Xing Wentao