Minister of Finance Mohamed Maait reviewed the latest preparations for the Finance Day, which will be organized on 9 November in Sharm El-Sheikh, in conjunction with the activities of the climate summit COP27. The event brings together a number of international financial institutions, international banks and other parties concerned with climate finance issues.
Maait said, in a statement Wednesday, that Kristalina Georgieva, Managing Director of the International Monetary Fund; Mark Carney, the United Nations Special Envoy for Climate Action and Finance; Jin Li Chun, President of the Asian Infrastructure Investment Bank (AIIB); Rola Dashti, Executive Secretary of the United Nations Economic Commission for West Asia; and Marcos Trujillo, President of the New Development Bank, confirmed their participation in the event. They are keen to effectively contribute to transforming international pledges for climate protection into executive measures and initiatives that help preserve the environment and reduce harmful emissions, by working to bridge financing gaps.
Maait indicated that the participants in the Finance Day will discuss the development of innovative and concessional financing tools and systems in order to reduce the cost of transition to a green economy, in a way that contributes to facilitating addressing the effects of climate change, especially for African and developing countries, pointing to the Egyptian government looking forward to establishing multiple partnerships. Parties with the private sector to expand clean investments and achieve green and sustainable growth.
Maait stressed the importance of cooperation with international financial institutions to work on integrating the environmental and climate dimension into the economic policies of various countries of the world, as well as finding viable solutions to reduce debt burdens in emerging economies; to enable it to meet the requirements of climate adaptation, reduce harmful emissions and rely on clean energy. This contributes to laying the foundations for a safe and sustainable ecosystem that is more capable of avoiding environmental, health and economic crises in the future.
He added that a unified global vision should be developed to reduce the negative repercussions of climate change on many vital sectors, including agriculture and food security, based on finding soft and stimulating funds for the transition to a green economy.