Dr. Mohamed Maait, Minister of Finance, confirmed that Egypt gathers the world’s major “finance” institutions on “Finance Day” next Wednesday, which will be inaugurated by Prime Minister Dr. From international banks, led by David Malpass, President of the World Bank Group, Kristalina Georgieva, Director General of the International Monetary Fund, and others concerned with climate financing issues, explaining that the “Financing Day” organized by the Ministry within the activities of the Sharm El-Sheikh Summit includes holding 17 high-level sessions; To discuss mechanisms to facilitate “green economic recovery”, by offering incentive initiatives that contribute to encouraging the private sector to expand sustainable development projects, with multilateral partnerships that take into account the environmental dimension; to achieve sustainable growth.
The minister said that we look forward to a greater role for regional, international, commercial and multilateral banks, international financing institutions, and international development partners, in stimulating environmentally friendly investments, and mobilizing financing for basic “smart” infrastructure in order to adapt to the climate.
The minister added that we aim to reach serious initiatives to reduce debt burdens in developing and African countries by enhancing financing opportunities that stimulate green transition through soft mechanisms, especially in light of a global crisis in which the negative effects of the Corona pandemic are intertwined with the repercussions of the war in Europe and climate change, in a way that contributes to In making the continent more capable of expanding green projects and achieving sustainable development, and is consistent with the fulfillment of developed countries’ obligations so that international commitments enter into force.
Exchanging visions between participants from major international institutions
The minister stressed the importance of cooperation with international financing institutions to work on integrating the environmental and climate dimension into the economic policies of various countries of the world, as well as finding viable solutions to reduce debt burdens in emerging economies. enabling it to meet the requirements of climate adaptation, reduce harmful emissions and rely on clean energy; It contributes to laying the foundations for a safe and sustainable environmental system that is more capable of avoiding environmental, health and economic crises in the future.
The minister added that a unified global vision should be developed to reduce the negative repercussions of climate change on many vital sectors, including: agriculture and food security; It is based on finding soft and stimulating financing for the transformation of the green economy.
The minister said that we are keen during the “Finance Day” to exchange visions between participants from major international and regional institutions concerned with financing and climate issues. In order to reach a sustainable framework for reduced financing, and the development of financial tools aimed at reducing harmful emissions such as green bonds, pointing out that Egypt, in the framework of its preparation for the financing day, had brought together African brothers in a continental meeting in Cairo of finance and environment ministers, and the African position was coordinated and a unified vision for dealing was developed. With the environmental and economic consequences of climate change.
