Egypt's Economic Reform, COP27 Top Al-Mashat's Agenda during Visit to UK

Egypt's Minister of International Cooperation Rania Al-Mashat held a meeting with the UK’s Minister of State Foreign Commonwealth Lord (Tariq) Ahmad of Wimbledon.

During her visit to the UK, Al-Mashat and Lord Tariq touched upon several topics, including the Ukraine crisis, Egypt's economic reform, COP27, and the bilateral relations between Egypt and the United Kingdom.

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Al-Mashat stressed Egypt’s keenness to deepen cooperation with the United Kingdom through triangular cooperation and South-South cooperation, which is essential to present good practices in climate technology for Africa.

Moreover, she highlighted the value of the bilateral economic partnership between Egypt and the Kingdom, which is reflected in the positive results that have had an impact on Egypt’s economy.

In the same vein, she hailed the Kingdom's efforts in organizing the COP26 summit in Glasgow, which witnessed impressive participation by the Egyptian delegation.

The Ministry of International Cooperation hosted an event titled "Going Green: Developing an International Framework For Innovative Climate Financing" in partnership with the Ministry of Environment to discuss adopting innovative solutions to climate action, such as blended finance and green finance tools to close the climate funding gap.

Attended by representatives from government officials in Africa, multilateral banks and international financial institutions, the session proposed new and innovative financing tools that need to be adopted, such as risk reduction tools and blended financing, and to develop long-term strategies to support climate action.

During the meeting, the minister referred to the ambitious reforms that are implemented by Egypt in renewable energy by launching the sustainable energy strategy 2035, through which it aims to increase renewable energy in the generated energy mix to reach 42% by 2035.

Regarded as a model for inclusive partnerships, one of the projects that are funded by development partners, with the participation of the government and the private sector, is the Benban Solar park, the largest solar park in the region and one of the largest in the world.

The minister added that Egypt is deepening its commitment to inclusive growth, which has been mainstreamed across all partnership strategies.

The state has recently launched the first phase of the ‘Decent Life’ (Haya Karima) initiative, which aims to raise the living standards of 58 million citizens in more than 4,000 villages over three years at a cost of more than EGP 700 billion (about $44.6 billion).