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  • Saturday, 23 April 2022

Minister of International Cooperation Meets with IFC and MIGA Officials to Discuss Unlocking Private Sector Finance for Egypt’s Climate Action

As part of the annual Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat held extensive meetings with the leaders of the International Finance Corporation (IFC) and the International Investment Guarantee Agency (MIGA), and the Under-Secretary-General to the United Nations to explore pathways to push towards Egypt’s climate-resilient future. 

The Minister of International Cooperation held a meeting with leaders of the International Finance Corporation (IFC), which included Emmanuel Nyirinkindi, Vice President of IFC for Cross-Cutting Solutions, Vivek Pathak, IFC's Global Head and Director of Climate Business, Sérgio Pimenta, IFC's Regional Vice President for Africa, and Yasmine El Hini, Country Officer for IFC in Egypt, and Marina Wes, Country Director for Egypt, Yemen and Djibouti at the World Bank in the presence of Ambassador Raji El-Etreby.

The Minister explored prospects of unlocking private sector finance, which is in line with the government's vision to drive a private sector-driven economy. She highlighted the important role of the private sector in expanding green hydrogen projects.

The Minister also referred to the strategic relations between Egypt and the International Finance Corporation in providing development finance to the private sector, pointing out the importance of continuing discussions regarding innovative financing and risk reduction tools to scale up climate finance. 

The Minister also held meetings with Hiroshi Matano, Executive Vice President at the Multilateral Investment Guarantee Agency (MIGA, and others, where she discussed future cooperation plans with Egypt on climate action in preparation for the COP27 conference, particularly in regards to SDG 7 for clean and affordable energy. 

The Minister also met with Vera Songwe, the United Nations Under-Secretary-General and the 9th serving Executive Secretary of the Economic Commission for Africa (ECA), where they discussed strengthening South-South cooperation, and the importance of the role of international financial institutions in supporting the countries of the African continent in the face of the current global challenges.