Egypt's Al-Mashat Meets Chair of the Glasgow Financial Alliance for Co-op Talks

On Monday, Dr. Rania A. Al-Mashat discussed enhancing private sector engagement with the Chair of the Glasgow Financial Alliance for Net Zero and the Climate Investment Funds (CIF) in implementing mitigation and adaptation projects.

During her participation in the 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with Mark Carney the Chair of the Glasgow Financial Alliance for Net Zero (GFANZ) and Climate Investment Funds (CIF) to discuss strengthening joint cooperation.

Brookfield Asset Management

Al-Mashat met with Mark Carney, the Chair of the GFANZ and Brookfield’s Vice Chair and Head of Transition Investing; and Deputy GFANZ Mary Schapiro. They discussed global pledges to promote climate action, and the need for blended and innovative financing for development and emerging countries to implement national agenda.

Al-Mashat also talked about the second edition of the Egypt- International Cooperation Forum (Egypt - ICF), scheduled to be held this year, to promote dialogue and expertise exchange between the international community.

Al-Mashat discussed Egypt’s efforts to develop a list of projects addressing climate action in adaptation and mitigation, its strategy to increase private sector participation, and the vital role of international financial institutions.

The minister noted the importance of continuing these discussions ahead of COP27. The Brookfield Asset Management is an international organization with approximately $690 billion in assets, providing innovative solutions to help governments and the private sector achieve climate action goals.

Climate Investment Funds (CIF)

The minister also met with Mafalda Duartem, the CEO of the Climate Investment Funds (CIF) and several representatives from the CIF to discuss new programs on promoting climate action, and on cooperating with the WBG and IMF to launch a Clean Technology Fund (CTF).

The minister reviewed the ongoing discussions to enhance innovative financing efforts, with the aim of increasing the role of the private sector in development and providing financing for climate action efforts, especially in light of current challenges.

The CIF was established in 2008, and it is a multilateral cooperation institution for climate finance, especially in developing countries, with a volume of $1.5 billion. The CIF works with governments, the private sector and civil society to provide de-risking tools to investors, while also expanding the scope of climate action.

Al-Mashat, who is also Governor of Egypt at the World Bank Group, is participating in the WBG and IMF Spring Meetings which are being held with physical participation for the first time after being virtually held in 2020 and 2021 due to the COVID-19 pandemic.