The Minister of International Cooperation Dr.Rania Al-Mashat met with the Minister of Environment Dr. Yasmine Fouad at the Ministry of International Cooperation’s headquarters where they discussed joint projects and the organization of the 27th session of the Conference of the Parties (COP 27) in Sharm El-Sheikh on behalf of the African continent.
The two ministers also looked into a number of initiatives and implementation mechanisms, alongside development projects based on the national strategy for climate change.
Al-Mashat expressed that hosting COP 27 in Sharm El-Sheikh enhances the country’s leading position in Africa in terms of the green transformation, particularly in light of the 2050 National Climate Change Strategy.
This also opens the door to more opportunities for cooperation and partnerships with development partners and International Financial Institutions (IFIs) in providing development and innovative financing to support in implementing the aforementioned plans.
H.E. Al-Mashat said the Government of Egypt is making strides in combating climate change by shifting towards a green and sustainable economy, and by preserving environmental and natural resources. There is a commitment to continued coordination with development partners and relevant line ministries, including the Ministry of Environment, with regards to efforts in combating climate change.
Minister Al- Mashat also indicated that various IFIs have already begun the shift towards green finance, alongside launching clear strategies that promote climate action. With respect to Egypt’s commitment towards the green transformation, this opens up more prospects for joint cooperation with multilateral and bilateral development partners to support adaptation efforts. To mitigate the impact of climate change, whether, through development finance, technical support, or capacity building, the Egyptian model has become a template for emerging countries aiming to shift towards the green economy.
Explaining that the Ministry of International Cooperation seeks to advance development efforts across various sectors of the country, Al-Mashat shared the Ministry’s 3 Principles of Economic Diplomacy which entail; hosting Multi-Stakeholder platforms, mapping the Official Development Assistance (ODA) to the UN Sustainable Development Goals (SDGs), and ensuring the Global Partnerships Narrative which puts “People at the Core” & “Projects in Action” & “Purpose as the Driver”.
In supporting the country’s shift towards a green economy, the Ministry of International Cooperation is working to secure development financing from multilateral and bilateral development partners, as well as technical support; all in line with the Government of Egypt’s priority projects that support climate action. The Ministry’s ongoing development portfolio amounts to over $25 billion covering a large number of projects, including renewable energy, water and sanitation, among many others.
The Minister of Environment H.E. Dr. Yasmine Fouad elaborated that major efforts are being made in light of the upcoming COP 27, stressing the importance of converted efforts of government entities, civil society organizations, and the media, to work on supporting the global event’s success.
H.E. Fouad shared that the opportunities for cooperation with IFIs in formulating and implementing adaptation and mitigation projects for climate change are of great importance to Egypt, and other developing countries.
The Minister of Environment also touched on the National Climate Change Strategy which aims to provide an added value in adaptation projects, thus attracting the private sector for investments. Fouad also added that Egypt places great importance on implementing projects that mitigate and curb the impact of climate change, through green cities, coastal protection, and agriculture.
Recently, Al-Mashat took part in both the Bloomberg’s New Economy Forum in Singapore and Dubai’s CEO Dialogue, where the Minister had held several bilateral meetings with policymakers, government officials, think tanks and research centers, to review Egypt’s progress towards comprehensive, and sustainable green growth, in line with the 2030 SDGs.
It is worth noting that the environment sector is one of the Ministry’s most vital sectors in terms of securing development financing. The ongoing development financing portfolio amounts to $260 million to implement 4 major projects, including one that manages solid waste and controls industrial pollutants, to which several development partners contributed such as, the World Bank, the European Investment Bank (EIB), Agence Française de Développement (AFD), the European Union, and Italy.