CBE's Governor: We have to find new financing mechanisms to face climate change

Hassan Abdullah, Governor of the Central Bank of Egypt and Governor of Egypt at the African Development Bank, said that we have to find new and innovative financing mechanisms and tools aimed at strengthening the capabilities of African countries in facing challenges, in order to achieve sustainable economic growth.

This came during his speech at the opening session of the 58th annual meeting of the African Development Bank Group, held in Sharm El-Sheikh, May 22 to 26, under the supervision of President Abdel Fattah El-Sisi and the Central Bank of Egypt.

He pointed out that there is common regional and global interest, the most prominent is related to the availability of financial resources to face climate change's results, through the private sector vital role in this field.

He said that he is holding the secondary meetings of the African Development Bank Group this year with the emergence of many developments and challenges at all levels, the most prominent of which is  financial sectors performance disturbing,  rise in inflationary pressures, severity of geopolitical turmoil, as well as the repercussions of the severity of the Corona crisis.

He added that Africa was not spared these challenges, which led to increasing pressure on the countries، as funding gaps widened with the decline in the volume of international aid and debt burdens turmoil.

He stressed his aspiration that these meetings will result in a clear and realistic vision for a future map, and mechanisms for dealing with all issues and topics for discussion, which is imposed by the current stage findings, not only at the level of Africa, but also in all countries of the world. 

He also expressed his appreciation to the management of the African Development Bank Group at its various levels for the successful choice of the title of the annual meetings for this year, mobilizing private sector financing for climate and green growth in Africa.

It is worth noting that Egypt started its activities at the conference as the host country, entitled “Mobilizing Blended Finance to Facilitate Green Transformation in Emerging Economies” moderated by Aliou Maiga, Regional Director of the Financial Institutions Group in Africa at IFC.

Moreover, The conference will discuss a number of important topics and files, led by the high-level presidential dialogue on  changing global financial structures and the role of multilateral banks.

The meetings will also witness the issuance of African Economic Outlook 2023 report on mobilizing private sector financing for climate and green growth in Africa, in addition to wide discussion sessions in the presence of leaders and officials from Egypt and African countries on benefiting from innovative financing tools to mobilize private climate investments in Africa.

The meetings witness key measures to achieve comprehensive growth and sustainable development in the continent, and the role of financial technology in launching sustainable and green finance.