● The necessity of joint work between the World Bank and other entities to mobilize the financing required to implement nationally determined contributions on the continent, estimated at $277 billion annually.

● We urge the World Bank to act more strongly to encourage the private sector to finance climate change adaptation activities.

● We look forward to the rapid operationalization of the Loss and Damage Fund and for developed countries to bear the cost of their environmental pollution.

● Increase the tools available through the Private Sector Investment Lab to help countries mobilize more climate finance.

Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, delivered the speech of the African Governors during the  African Consultative Group meeting with  Ajay Banga, President of the World Bank Group.

This took place within the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., where the meeting witnessed the participation of the Governors African countries at the World Bank, including H.E.  Adebayo Edun, Nigerian Minister of Finance and Chairman of the African Caucus; H.E. Iman Egeh, Governor of Somalia at the Bank; Enoch Godongwana, Governor of South Africa; H.E. Niale Kaba, Governor of Côte d’Ivoire; H.E. Seedy Keita, Governor of Gambia, and other government representatives and World Bank officials.

During the meeting, the African governors discussed many important topics that focus on the importance of the World Bank Group’s participation in advancing the development process on the African continent, the most important of which are public debts, financing energy projects, developing private sector participation, climate financing, and increasing the financial resources available to the International Development Association (IDA) to enhance its role in facing the challenges of developing countries.

Climate Finance for the Continent

The Minister of International Cooperation’s speech focused on climate finance for the continent. At the beginning of the speech, H.E.  congratulated the President of the World Bank Group on his presidency of the African Consultative Group at the beginning of his tenure as president of the Bank, expressing her confidence in maintaining the momentum and interest that was achieved during the presidency of the former President of the World Bank, ensuring the success of the African Community and enhancing its role in achieving progress in development efforts on the continent.

The Minister specified the demands of the countries of the African continent from the World Bank to support climate action, saying, “we called on the World Bank among others to support Africa in mobilizing the $277 billion required annually to implement its National Determined Contributions (NDCs); strengthen countries' capacity to develop bankable projects and quantify the cost of climate impact; support the establishment of the Loss and Damage Fund (LDF); Invest in renewable energy; support the development of credible carbon markets; support countries to develop and implement climate prosperity plans.”

Private Sector Investment Laboratory

The Minister of International Cooperation said: “We appreciate the World Bank’s commitment to climate action including the expansion of the crisis response toolkit. However, bridging the financing gap remains a daunting task. We would like you President Ajay Banga to elaborate on potentials and viable strategies of the new innovations that the Private Sector Investment Lab is proposing to help countries mobilize more climate finance.”

Loss and Damage Fund

The Minister of International Cooperation welcomes the operationalization of the Loss and Damage Fund, stressing the African Group’s aspiration for the rapid operation of the Fund. “We look forward to the speedy operationalization of the Fund and encourage the Bank to provide countries with timely technical assistance to enhance client’s capacity on climate risk assessment, impact analysis, negotiation and costing vulnerability compensation required. Also, we expect that our countries will be accessing the Fund on grant terms in keeping with the climate justice principle that ‘polluter pays.”

International Development Association

The Minister indicated that the African Group welcomes the expanded crisis response toolkit, and calls on the Bank to consider extending the coverage of the toolkit to all IDA countries in or at high risk of debt distress.  

Moreover, considering that, climate mitigation has a stronger business case, H.E. urged the Bank to move for a stronger leveraging of private sector financing for mitigation activities while aiming to increase the share of adaptation finance to 70% on its own account by 2030.

At the conclusion of her speech, the Minister stated that the African Group appreciates the efforts made by the Bank in exploring how to double financing for renewable energy amounting to $15 billion, saying, “We are ready to discuss enabling policies to attract more private financing.”

It is worth noting that Dr. Rania Al-Mashat, Minister of International Cooperation, delivered a speech of the Arab Republic of Egypt at the G24 meeting  within the activities of the Spring Meetings, in the presence of IMF Managing Director  Kristalina Georgieva and President of the World Bank Group  Ajay. Banga. During the G24, the Minister outlined her speech in key pillars, spotlighting the World Bank’s evolution  road map, and the various initiatives that have been prepared to enhance the role of the Bank, make it more efficient, and achieve tangible results.