Finance: Egypt adopts “Africa’s vision” on “Finance Day” November 9th within the Climate Summit

Minister of Finance Mohamed Maait confirmed that Egypt will adopt the issues of the African continent on the “Finance Day” organized by the Ministry of Finance in Sharm El-Sheikh on November 9, in the presence of finance ministers of a number of countries, heads of regional and international financial institutions and managers of a group of international banks. And others concerned with climate finance issues, as part of the activities of the Climate Summit, which Egypt will host during the period from 6 to 18 November.

Maait indicated that Benedict Orama, President of the African Export-Import Bank, Samaila Zubairou, President of the African Finance Corporation, Hanan Morsi, Vice-President of the Economic Commission for the African Continent, and Gabriel Ibrahim, Minister of Finance of Sudan, confirmed their participation in the “Finance Day”, which aims to effectively contribute to the transfer of international commitments to Executive measures, and the translation of financial commitments into investment opportunities in the African continent, especially in light of the intertwining of the negative effects of the Corona pandemic with the repercussions of the war in Europe, and climate changes, in a way that contributes to making the brown continent more able to expand green projects and achieve sustainable development..

The minister added, that we aim to enhance financing opportunities for green investments in order to combat climate changes, especially in developing and African countries, in a way that leads to reducing the cost of financing environmentally friendly projects through easy mechanisms by reviewing the ideas that will be discussed during the “Finance Day”; This contributes to stimulating the transition to a green economy, mobilizing financing for sustainable development, and leading to debt relief for emerging economies..

The Minister of Finance said that, during the “Finance Day”, we are keen to exchange visions among participants from major international and regional institutions concerned with financing and climate issues. In order to reach a sustainable framework for discounted financing, and to develop financial tools aimed at reducing harmful emissions, such as green bonds, pointing out that Egypt, in its preparation for the Financing Day, brought together the African brothers in a continental meeting in Cairo of the Ministers of Finance and Environment, and the African position was coordinated and a unified vision was developed to deal with the consequences. Environmental and economic climate change.

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