Egypt Receives $2.4 Bln in Financing to Develop Sustainable Transport Sector

Rania Al-Mashat, Minister of International Cooperation said that the ministry is working to provide development funds and technical support from multilateral and bilateral development partners, to support efforts to develop the transport sector, and over the past two years it has received about $2.4 billion for the sustainable transport sector.

This came during her participation in a discussion session, via video, in the activities of the “Climate Finance Summit” held in Munich, Germany, with the participation of a group of government officials and the private sector, on the sidelines of the meetings of the G7 as they discussed “strategies and models for financing sustainable transport systems.” in the big cities.

During her speech, Al-Mashat stated that the development partners who funded the efforts to develop the transport sector are the European Investment Bank, the French Development Agency, the European Bank for Reconstruction and Development, China and the Kuwait Fund for Development.

She explained that climate action has become a top concern for world governments and the international community due to its paramount importance on livelihoods and life, and the repercussions of climate change on the economic, social and environmental aspects, explaining that climate action witnessed a strong impulse of interest while the world was trying to recover from the pandemic.

She talked about the transport sector, which comes at the top of the state's priorities, as public transport in Cairo alone benefits about 6 million citizens daily.

Egypt is working to transform into a sustainable transport sector with low emissions, and for this, it has taken many steps to develop the sector's infrastructure. To become smart, sustainable and environmentally friendly, as part of its plan to transform into a green economy, and achieve sustainable development 2030.

The Minister of International Cooperation added that these funds, in addition to promoting sustainable infrastructure, support Egypt's vision of transforming into a global trade center by strengthening transportation and port infrastructure, developing railway networks, and linking Egypt with a sophisticated network of transportation that enhances the movement of citizens and goods and stimulates investments.