Drought-related risks in Africa led to losses exceeding $70bln: Egypt

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Drought-related risks in Africa have led to losses exceeding $70 billion, while the continent's agricultural productivity declined 34% due to climate change, Egyptian President Abdel Fattah El-Sisi said during his speech before the African Development Bank Group’s (AfDB) meetings in Sharm El-Sheikh.

The Egyptian president added that Africa's total financing needs to face climate change amount to $3 trillion until 2030.

“The problem of climate change and its negative repercussions are not only limited to the scope of the state or a certain region, but it is an existential issue that must come at the top of the strategic priorities of all countries in the world,” El-Sisi said.

He added that due to economic realities, it is important to encourage the private sector to play a bigger part in financing environmentally friendly enterprise promotion, while also stepping up clean energy use mechanisms and implementing the necessary policies and actions.