Egypt, UK Explore Unlocking Private Sector Finance to Shape a Climate Smart Future

On Saturday, the Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat, held a meeting with a number of officials, including Diana Layfield, Executive Director of the British International Investment (CDC), Mafalda Duarte, CEO of the Climate Investment Funds, and Louis Taylor, Chief Executive of the UK’s Export Finance, in the presence of Sherif Kamel, Egypt’s Ambassador to the United Kingdom.

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 $140 billion to $300 billion per year by 2030, and $280 billion to $500 billion annually by 2050.

During her visit to the United Kingdom, Al-Mashat discussed with Lewis Taylor, Chief Executive of the UK’s Export Finance, opportunities to mobilize blended financing and increase financing to the private sector, particularly due to the risks of the impact of the Ukraine-Russia crisis on mobilizing 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 (US$2.3bn) in loan guarantees for a credit package for a monorail system connecting the Egyptian capital, Cairo, to the newly built administrative capital, to the east, and to 6th of October City, to the south‑west.

Through strategic integration of all partnership strategies, the Minister highlighted the Ministry of International Cooperation’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 United Nations Climate Conference COP27, which will include impressive participation of women, youth, and civil society, and the opportunities to develop a global framework for innovative financing to implement the SDGs at full scale and speed.

For her part, Ms. Mafalda Duarte, CEO of the Climate Investment Funds, said that Egypt is a leading country in climate action among developing countries, as it hosts the United Nations Climate Conference COP27, explaining that with joint action, the pace of funding can be accelerated, which is reflected in improving people's lives and preserving human life. planet and prosperity.