Egypt - Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, has called for expanding just financing for developing countries to help with their development and climate change efforts.

This came as she participated as a keynote speaker in the discussion session during the events of the Hamburg Sustainability Conference, held in Hamburg, Germany titled “Scaling Impact Together for Transformation: How Multilateral Development Banks Can Work Together to Deliver Transformation of Country Platforms” alongside Ilan Goldfajn, President of the Inter-American Development Bank; Tariye Gbadaegesin, CEO of the Climate Investment Fund; and Masood Ahmed, Director of the Center for Global Development.

Al-Mashat highlighted the Bridgetown Initiative, which was launched to reform the international financial architecture to address global economic risks, including climate change. She emphasized the need to restructure international financial institutions and increase capital flows to achieve sustainable development goals.

She referenced the Pact for the Future adopted during the Future Summit on the sidelines of UNGA79, which includes political measures for reforming the international financial structure. Additionally, she shed light on the innovative co-financing platform launched by 10 development banks, including the African Development Bank, the European Bank for Reconstruction and Development, and the World Bank Group, aimed at directing additional capital, expanding the scope and impact of development, and mobilizing funds for large-scale projects. This initiative is part of coordinated efforts in development finance and international financial reform.

Al-Mashat stressed the importance of expanding both quantitative and qualitative financing for developing and emerging countries, as well as enhancing triangular cooperation between nations and multilateral development banks to share knowledge, expertise, and developmental experiences, thus accelerating the pace of development and climate action.

Moreover, she pointed out that the concept of national platforms began several years ago in discussions within the G20, and the Glasgow Climate Summit served as a turning point in focusing on these platforms. She noted that Egypt launched its national platform for the “NWFE” program during the COP27 Climate Conference, which is a practical translation of the National Climate Change Strategy for 2050 through investment-attractive projects in energy, water, and food sectors.

Al-Mashat mentioned that the “NWFE” programme represents an effective regional model and approach for facilitating finance to address issues of adaptation, mitigation, and resilience. Egypt has developed a comprehensive national climate strategy with key objectives up to 2050, alongside a set of priority projects (26 projects) up to 2030. These projects cover the three main pillars of climate action: mitigation, adaptation, and resilience, with a focus on the just transition to a green economy through the nexus of energy, food, and water.

She also referred to the joint political declaration issued by Egypt, the United States, and Germany during the COP27 Climate Conference, which emphasized the importance of accelerating the development and deployment of renewable energy. Accordingly, the German government supported the energy pillar within the NWFE program.

Furthermore, Al-Mashat highlighted the state’s efforts to enhance technical cooperation with other countries under the South-South Cooperation framework, transferring Egypt’s experience in national platforms, including technical support provided to Tanzania. She referred to the “Sharm El-Sheikh Guidebook for Just Financing,” launched during Egypt’s presidency of the 27th UN Climate Change Conference (COP27), which includes 12 key principles for enhancing partnerships, supporting climate action, and promoting the green transition.

In conclusion, she referenced Egypt’s Integrated National Financing Strategy (E-INFS) launched on the sidelines of UNGA79 This strategy is a collaborative initiative between the Egyptian government and the United Nations, developed within the framework of the Sustainable Development Goals Financing Strategy for Egypt, led by the United Nations Development Programme (UNDP) in cooperation with several international organizations. The strategy provides a comprehensive national framework for financing that aims to enhance sustainable development in alignment with the national development agenda.

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