Egypt's president: An agreement to establish a fund to finance countries affected by climate crises

President Abdel Fattah El Sisi said that an agreement is underway to establish a fund to provide the necessary funding for countries affected by floods, droughts and other natural disasters, as part of the results of United Nations Climate Summit COP27 recommendations.

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.

President El Sisi added that economic reality findings need the private sector to increase its financing for Eco-friendly projects, while intensifying the mechanisms for using clean energy sources, and approving policies and procedures for that.

He stressed that Egypt pays great attention to the environmental dimension, as the Egyptian government issued in 2021 the first edition of the Environmental Sustainability Standards Guide, under the name of Strategic Framework for Green Recovery, to provide guidance for integrating sustainable development standards into the development plan, which will reflect positively on quality of life and development process.

He said: “There is no doubt that the activities of the current edition of the annual meetings of the African Development Bank represent a unique opportunity to share knowledge and experiences, and provide technical support to face the repercussions of climate change, while presenting a clear agenda according to a timetable to determine ways and mechanisms to deal with the various challenges facing African countries, to achieve sustainable development goals."

He also thanked the African Development Bank for its efforts in financing development projects in Africa, which makes us look forward to more successful partnerships with many multilateral financing institutions to achieve the aspirations towards growth, progress and prosperity.

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.