Egypt, IIF discuss ways to enhance bilateral cooperation on COP27

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Egypt - Rania Al-Mashat, Egypt’s Minister of International Cooperation, has met via video conference with Sonja Gibbs, Executive Director and Head of Sustainable Finance at the Institute of International Finance (IIF), in the presence of Engel Wolfgang, Regional President for the Middle East and Africa, to discuss bilateral cooperation on the United Nations Conference for Climate Change (COP27).

During the meeting, the Minister reviewed Egypt’s preparations for the conference scheduled to be held in Sharm El-Sheikh in November. She affirmed the Egyptian government’s keenness to enhance ways of joint action with international financial institutions and multilateral development banks, to enhance climate action efforts within the framework of its presidency of COP27.

Al-Mashat emphasized the need to move from climate pledges to implementation, explaining that Egypt has launched the national strategy for climate change and is working to update its national contribution on climate action, and a list of green projects to be funded during the coming period is being drawn up as part of efforts to transition to a green economy.

Al-Mashat pointed out the great importance of the upcoming climate conference to enhance international efforts in the field of climate action and combat the negative repercussions of climate change, especially for Africa and the developing and emerging economies. Hence, the Egyptian government is working to strengthen cooperation and integration with Africa to mobilize international efforts to support the continent’s climate ambition and the provision of financing for green transformation plans, explaining that in order to achieve global financial commitments, innovative financing and blended financing tools must be stimulated to encourage the private sector to participate in financing adaptation projects and provide the necessary investments.

She added that the Ministry of International Cooperation continues its efforts with multilateral and bilateral development partners to promote innovative financing in a way that enhances climate action, calling on the Institute of International Finance for more cooperation in this regard. She also touched on the Egypt Forum for International Cooperation and Development Finance, which will be held before the climate conference and represents a preliminary gathering for Africa and the international financial institutions before the climate summit in November to unite efforts and enhance visions on climate action plans.

On her part, Gibbs said that the Institute of International Finance supports Egypt’s efforts to host COP27, in light of the great importance that this conference represents at the world level, and that it is a great opportunity for Egypt to present its achievements and plans in the field of climate action.