Al-Mashat participates in two discussion sessions of the Economic Commission for Africa at the United Nations and the European Bank

Dr. Rania Al-Mashat, Minister of International Cooperation, participated in a panel discussion organized by the United Nations Economic Commission for Africa on “Public Debt to Promote Investment in Nature and Climate”, along with Dr. Mohamed Maait, Minister of Finance, and Dr. Boutros Klink, CEO of Standard Chartered Middle East, Ken Ofori Atta, Minister of Finance of Ghana, Bo Lee, Deputy Managing Director of the International Monetary Fund, and Richard Kozul Wright, Director of Development Strategies at the United Nations Conference on Trade and Development (UNCTAD), moderated the session by Jean-Paul Adam, President of the United Nations Economic Commission for Africa.

In her speech, Minister of International Cooperation, Dr. Rania Al-Mashat, said that the world is now united by a unified agenda and a common goal, which is to mobilize funds and enhance the interconnection between climate and development efforts, which must be done by providing innovative financing tools, and promoting the concept of debt swap for development.

Al-Mashat indicated, “When we talk about debt exchange, we can say that Egypt has practical experience in this issue with the countries of Italy and Germany, where debt exchange programs have been implemented for years, and Egypt is formulating accurate projects within these programs, which enabled it to possess the necessary infrastructure. and necessary as well as governance in order to expand these programmes.

The Minister of International Cooperation noted that the international community has been talking continuously since the beginning of this year on the need to expand debt exchange mechanisms in order to confront the current global crises, and to strengthen the link between climate and development, pointing out that Egypt has accumulated and successful experience and expertise, based on its national priorities regarding related to debt swap.

Al-Mashat stated that Egypt launched the national platform for green projects “Noufi”, which is a platform for mobilizing mechanisms of concessional development financing, blended financing, grants, technical support, as well as debt exchange for climate finance, and stimulating private sector investments under the umbrella of the national strategy for climate change, stressing that In order to accelerate countries’ green transformation and increase their ability to implement their Nationally Determined Contribution, these country platforms are critical to supporting these goals.

Al-Mashat also participated in the discussion session held by the European Bank for Reconstruction and Development, on pushing the private sector to participate in climate finance, with the participation of Suha Al-Turki, Vice President of the European Bank for Reconstruction and Development and Head of the Financial Sector, and Sherif El-Khouly, Founding Partner and Regional Director of Actis,” and James Scriven, CEO of IDB Investments, a member of the Inter-American Development Bank Group, and Danny Alexander, Vice President of the Asian Infrastructure Investment Bank.

The Minister of International Cooperation stressed that the private sector has a pivotal and key role in financing climate action and supporting the efforts of developing countries and emerging economies to stimulate the transition to a green economy, explaining that the Ministry of International Cooperation launched the national platform for green projects, the “Noufi” program, with the aim of mobilizing various financing mechanisms, to stimulate The participation of the private sector and increasing its investments in green projects, and it also issued the “Sharm El-Sheikh Guide to Equitable Finance”, which enhances the efforts of the relevant parties and identifies the roles assigned to each party in order to support climate action and increase financing.

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