Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt, UK explore unlocking private sector finance to shape climate-smart future
Published in Daily News Egypt on 13 - 03 - 2022

Minister of International Cooperation Rania Al-Mashat held a meeting in the United Kingdom with a number of officials, including Diana Layfield, Executive Director of the British International Investment (CDC); Mafalda Duarte, CEO of the Climate Investment Fund' and Louis Taylor, the Chief Executive of the UK's Export Finance; in the presence of Sherif Kamel, Egypt's Ambassador to the UK.
To leapfrog to a better form of growth that can deliver on both development and climate goals, a major ramp-up in the scale and quality of financing is required to support Egypt and Africa's adaptation to climate change.
The UN Environment Programme (UNEP) estimates that adaptation costs alone will be in a range of $140bn to $300bn per year by 2030, and $280bn to $500bn annually by 2050.
Al-Mashat discussed with Taylor opportunities to mobilise blended financing and increase support for the private sector, particularly due to the risks of the impact of the Ukraine-Russia crisis on mobilising financing to the private sector as well as opportunities to strengthen cooperation with the UK's Export Credit Agency.
Previously, UK Export Finance — a government trade agency — approved £1.7bn ($2.3bn) in loan guarantees for a credit package for a monorail system connecting the Egyptian capital, Cairo, to the newly built administrative capital in the east, and to Sixth of October City in the southwest.
Through strategic integration of all partnership strategies, Al-Mashat highlighted her ministry's strategy integrations with the British International Investment's strategy for the period from 2022-2026, which serves three main priorities — productive development, sustainable development, and inclusive development.
The meetings also touched on Egypt's bold vision for the Conference of Parties on Climate Change (COP 27) that will be this November in Sharm El-Sheikh and will include the participation of women, youths, and civil society organisation, and the opportunities to develop a global framework for innovative financing to implement the UN's sustainable development goals at full scale and speed.
For her part, Duarte said that Egypt is a leading country in climate action among developing countries with its hosting of the upcoming COP 27, explaining that with joint action, the pace of funding can be accelerated, which is reflected in improving people's lives and preserving human life, the planet, and prosperity.


Clic here to read the story from its source.