Finance: Egypt gathers international financial institutions in Sharm El-Sheikh, November 9

IMF Managing Director, United Nations Envoy and President of the Asian Infrastructure Investment Bank Participate in “Finance Day”

The Minister of Finance, Mohamed Maait, reviewed the latest preparations for the Finance Day, which will be organized by the Ministry of Finance on November 9 in Sharm El-Sheikh, in conjunction with the activities of the Climate Summit, in which Egypt brings together a number of international financial institutions, international banks and other parties concerned with climate finance issues.

International Monetary Fund Managing Director Kristalina Georgieva, UN Special Envoy for Climate Action and Finance Mark Carney, Asian Infrastructure Investment Bank President Jin Liqun, Executive Secretary of the United Nations Economic Commission for West Asia (UNECWA) Rola Dashti, and New Development Bank President Marcos Trujo confirmed their participation. On Funding Day; For their keenness to contribute effectively to transforming international pledges for climate protection into executive measures and initiatives that help preserve the environment and reduce harmful emissions, by working to bridge financing gaps.

The Minister indicated that the participants in the “Finance Day” will discuss the development of innovative and concessional financing tools and systems in order to reduce the cost of transition to a green economy, in a way that contributes to facilitating addressing the effects of “climate change” especially for African and developing countries, pointing out that we are looking forward to Forging multilateral partnerships with the private sector to expand clean investments and achieve green and sustainable growth.

The Minister stressed the importance of cooperation with international financial 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; To enable it to meet the requirements of climate adaptation, reduce harmful emissions and rely on clean energy; This contributes to laying the foundations for a safe and sustainable ecosystem 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 easy and stimulating financing for the transformation of the green economy.

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