Dr. Mohamed Maait, Minister of Finance, confirmed that Egypt is keen, through the Climate Summit held in Sharm El-Sheikh and the Finance Day organized by the Ministry of Finance last November 9, to reach serious initiatives that contribute to providing concessional and sustainable financing for emerging countries. To overcome the “climate” challenges and optimally deal with climate change, explaining the importance of developed countries fulfilling their obligations so that international commitments related to climate financing enter into force, to support the African continent.
During his meeting with Odile Reno Basso, President of the European Bank for Reconstruction and Development, on the sidelines of their participation in the Climate Summit in Sharm El-Sheikh, the minister praised the important role played by the European Bank for Reconstruction and Development in the energy sector in Egypt, as the bank’s total investments are estimated at about $10 billion in the field of energy. The most important of which are: green hydrogen and sustainable transportation, in a way that helps in the efforts of the green economy transformation process.
The two sides stressed the importance of the role of commercial banks in providing appropriate financing for green sectors, especially in African and developing countries, and the need to encourage the private sector to invest in green economic transformation and clean energy.
Odile Reno Basso, President of the European Bank for Reconstruction and Development, pointed to the importance of the role of multilateral development banks in providing appropriate financing with soft facilities for developing and African countries to enable them to deal with climate challenges, stressing the keenness of the European Bank for Reconstruction and Development to support African countries. To adapt to climate changes.
