During her participation in the Arab Regional Forum on Climate Initiatives for Financing Climate Action and the Sustainable Development Goals, held in the Lebanese capital, Beirut, Dr. Rania Al-Mashat, Minister of International Cooperation, met with Dr. Rola Dashti, Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA), where they discussed ways to enhance cooperation. The joint venture, and discussion of national efforts to promote climate finance, the launch of the national platform for green projects, the “Novi” program, and the Sharm El-Sheikh Guide for Fair Finance, as well as development cooperation relations with Italy and Germany, especially at the level of debt swaps for development.
During the meeting, the Minister of International Cooperation touched upon the efforts of preparing the “Sharm El-Sheikh Guide to Equitable Financing”, which was one of the final recommendations of the Egypt Forum for International Cooperation and Development Finance, in its first edition, explaining that over the past period, cooperation has been strengthened with about 70 development partners and institutions. International, commercial and investment banks, with the aim of developing the Sharm El-Sheikh Fair Financing Guide, as part of preparations for Egypt’s hosting of the COP27 climate conference.
She stated that the “Sharm El-Sheikh Fair Finance Guide” aims to develop a practical framework to achieve integration among all relevant parties in the field of climate finance to enhance the ability of developing countries to access international finance, and turn it into real, balanced and fair investment opportunities in environmentally friendly sectors, through Determining an action plan and operational measures that can be implemented by all parties, prior to the United Nations Climate Conference COP 27, which is chaired and hosted by the Arab Republic of Egypt under the slogan “From Pledges to Implementation”.
Al-Mashat also touched on the national platform for green projects, the NWFE program, the axis of interdependence between the food, water and energy sectors, which aims to accelerate the pace of inclusive and sustainable growth and mobilize climate finance and private investments to support green transformation efforts, under the umbrella of the National Climate Change Strategy. 2050 and the Nationally Determined Contributions (NDCs), explaining that the “Nowfa” program reflects the objectives of the Egyptian presidency of the COP27 climate conference, which is to move from the stage of pledges to implementation with the aim of accelerating the climate action agenda, mobilizing development funds and private investments, and granting technical support to a list of green projects in the priority sectors, namely food Energy and water.
The Minister of International Cooperation stressed the importance of the debt swap mechanism to enhance the efforts of developing countries in achieving their climate ambitions without putting pressure on their budgets, noting that Egypt has two pioneering experiences in debt swaps with Germany and Italy, within which a number of stages were implemented that contributed to support Development efforts and implementation of a number of projects, including environmentally friendly projects.
Al-Mashat explained that Egypt implemented 3 phases of debt exchange with Italy, amounting to about $350 million, through which projects were implemented in the sectors of food security, energy, education and other priority areas. €1 million and focuses on sectors critical to climate change such as energy efficiency as well as quality education.
The Minister of International Cooperation participated in a high-level discussion session entitled “Crowding Climate Finance”, during the activities of the Arab Regional Forum on Climate Initiatives to Finance Climate Action and the Sustainable Development Goals, held in the Lebanese capital, Beirut, and is one of five regional forums organized by the Economic and Social Committee for Western Asia “ESCWA”, in cooperation with the Egyptian Presidency of the twenty-seventh Conference of the Parties with the United Nations high-level pioneers on climate change, and the five United Nations regional commissions, in the context of preparations for the twenty-seventh Conference of the Parties COP27 in Sharm El-Sheikh.
It is worth noting that the Ministry of International Cooperation, in cooperation with the Ministries of Foreign Affairs, Finance and Environment, and the United Nations Economic Commission for Africa, organized the Egypt-ICF2022 Forum, in its second edition, and the meeting of African Ministers of Economy, Finance and Environment, under the auspices and presence of President Abdel Fattah El-Sisi. , where it witnessed a high-level international and regional presence from United Nations organizations, heads of international financial institutions, and the private sector. With the participation of more than 23 African governments, about 20 discussion sessions, workshops and round tables were held on unifying messages and visions, to mobilize the efforts of the international community to support the climate agenda in the continent of Africa, and to prepare for the “Finance Day”.