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  • Monday, 25 April 2022

During the Spring Meetings of the International Monetary Fund & World Bank Group: Minister of International Cooperation Meets with the Chair of the Grantham Research Institute on Climate Change & the Environment, and UK's Special Envoy for Famine Prevention and Humanitarian Affairs

Minister of International Cooperation: Egypt is transitioning towards a green economy, and implementing environmentally friendly projects. 

In 2016, Egypt implemented an ambitious economic reform program, paving the way for continuous reform promoting  inclusive and sustainable economic growth. 

The Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG), H.E. Dr. Rania A. Al-Mashat met with the Chair of the Grantham Research Institute  on Climate Change & the Environment at the London School of Economics, Dr. Nicholas Stern; and the UK's Special Envoy for Famine Prevention and Humanitarian Affairs, Nick Dyer, to discuss joint cooperation. 

The meeting with Stern looked into national efforts for green transformation and the measures taken by the Government of Egypt to expand environmentally friendly projects, including renewable energy and green hydrogen. The meeting also touched on the importance of the role that institutions, research centers and think tanks can play, in supporting developing and emerging countries in the green transformation and in strengthening the role of the private sector. 

They discussed the importance of development financing  for climate action, financing sustainable infrastructure, enhancing  private sector participation, and the importance of pushing forward the conversation on mobilizing funds to implement climate change at COP27. 

Affirming the institute's keenness to cooperate with Egypt in advancing efforts regarding climate action, Stern stressed the potential that the country has in the green transformation.

Al-Mashat also met the UK's Special Envoy for Famine Prevention and Humanitarian Affairs, Nick Dyer, to discuss global challenges facing developing and emerging countries, in light of current global crises, government measures to provide sufficient stocks of strategic goods, investment in storage silos, and increasing local production of wheat.

The Minister stressed that the economic reform program that has been implemented with the International Monetary Fund (IMF) since 2016, enabled Egypt to curb the socioeconomic impact of the COVID-19 pandemic. Al-Mashat pointed out that the government is ensuring ongoing economic and structural reform, promoting comprehensive and sustainable economic growth. 

Al-Mashat indicated that Egypt succeeded in maintaining economic growth despite the pandemic and the economic crisis. The meeting also included discussions on the Development Policy Framework (DPF) between Egypt and the WBG and the Country Climate Development Report (CCDR) that will be launched soon. 

Al-Mashat, who is also Governor of Egypt at the World Bank Group, is participating in the WBG and IMF Spring Meetings which are being held with physical participation for the first time after being virtually held in 2020 and 2021 due to the COVID-19 pandemic.