The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, participated in a high-level panel entitled "Mobilizing Climate Finance" during the Arab Regional Forum on Climate Initiatives to Finance Climate Action and the Sustainable Development Goals, held in Lebanon, Beirut, and is one of the five regional forums organized by the Economic and Social Commission for Western Asia in cooperation with the Egyptian Presidency of COP27 with the United Nations High-Level Leaders on Climate Change, and the five United Nations Regional Committees.
The panel was attended by Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, Dr. Mahmoud Mohieldin, Climate Champion for COP27 and Executive Director of the International Monetary Fund, Nasser Yassin, Minister of Environment in Lebanon, Ambassador Anne Desmore, Ambassador of Sweden in Lebanon, and H.E. Dr. Hala Al-Said, Minister of Planning and Economic Development.
Al-Mashat underscored the importance of multilateralism and working collectively to explore solutions, and building resilient economic systems that are capable of dealing with future risks and challenges. She added that facing climate challenges requires trillions of dollars to finance mitigation and adaptation projects, which raises a question about the ability of countries to bridge the financing gap and mobilize financing from various sources.
The Minister highlighted that Egypt has set forth a government vision to stimulate private sector participation in the country, aiming to increase private sector investments to 65 percent in the next three years, which equals to USD 40 billion (EGP 732 billion) in investment over the next four years. A State Ownership Policy document was released to outline a governmental plan to offer a variety of state assets to private investors, including projects in electric vehicles, data centres, networks for oil and gas, expansion of gas liquefaction plants, communication towers, and wind power.
In the same vein, the Minister also referred to the Egypt Country Platform for NWFE (Nexus of Food, Water and Energy), which provides a list of bankable and feasible projects in priority sectors for investment to mobilize climate finance and private investments, adding that the NWFE platform reflects the objectives of the Egyptian presidency of the COP27 onference, which is to move from pledges to implementation.
She explained that during the Egypt-International Cooperation Forum in its second edition, which was held under the patronage and in the presence of President Abdel Fattah El-Sisi, two roundtables were held for the "NWFE" platform, centered around the energy, food and water pillars in partnership with international financial institutions. The main partners include the European Bank for Reconstruction and Development coordinates for the energy pillar, the African Development Bank for the water pillar, and the International Fund for Agricultural Development for the food pillar.
The Ministry of International Cooperation, in cooperation with the Ministries of Foreign Affairs, Finance and Environment, and the United Nations Economic Commission for Africa, organized the second edition of the Egypt-ICF Forum under the auspices and in the presence of President Abdel Fattah Sisi, where he witnessed high-level international and regional presence from United Nations organizations, heads of international financial institutions, and the private sector. With the participation of more than 23 African governments, 20 panels, workshops and roundtables were held to mobilize the international community to support the climate agenda for the continent of Africa, and to prepare for the "Finance Day" during COP27.