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  • Tuesday, 14 June 2022

Within H.E Dr. Rania A. Al-Mashat’s Participation in the Africa CEO Forum: Minister of International Cooperation meets with CEO of AFC on Cooperation in Light of Egypt’s COP27 Presidency

H.E Dr. Rania A. Al-Mashat: To address climate change, international and regional partnerships are necessary for expanding financing for adaptation projects. 

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat met with the CEO and President of the Africa Finance Corporation (AFC), Samaila Zubairu, during her visit to Côte d'Ivoire for the Africa CEO Forum (ACF). The AFC is a multilateral institution established by a number of African countries with the aim of providing infrastructure financing solutions to support economic growth and productivity across the continent.

During the meeting, Al-Mashat discussed ways to enhance joint cooperation the Government of Egypt and the AFC, in light of ambitious development plans in various sectors and infrastructure development projects that fall within Egypt’s 2030 vision, the Government of Egypt’s Action Programme 2023 - 2027, and the National Climate Change Strategy 2050. 

Al-Mashat referred to Egypt’s efforts in sustainable infrastructure development over the past few years, sharing the implementation of a large number of major development projects in renewable energy, transport, roads, water and sanitation projects; all aiming to enhance the economy’s competitiveness and productivity, while also stimulating private sector participation.

The Minister indicated the Government of Egypt is working to move forward with structural reforms, also enhancing the participation of the private sector in development as a major driver of comprehensive and sustainable economic growth. Al-Mashat stressed that in light of current global development challenges, concerted efforts must be made between governments, development partners, multilateral institutions, the private sector, and civil society to advance efforts in sustainable development.

Moreover, Al-Mashat referred to Egypt’s COP27 Presidency, especially focused on Africa and the need to coordinate joint efforts across the continent to mobilize the international community and direct support towards the green transformation; addressing climate change and implementing adaptation and mitigation projects. The Minister elaborated that the second edition of the Egypt - International Cooperation Forum will also be held this year, representing a preliminary gathering for African governments, African Minister of Finance and Environments, and regional and international development institutions to exchange views on the continent’s COP27 participation.

In the meeting, Al-Mashat noted the importance of partnerships with international and regional institutions to expand adaptation projects across Africa; limiting harmful emissions. 

The Minister looked into the framework of international cooperation and development financing in Egypt, and the distinguished economic relations that the country enjoys with multilateral and bilateral development partners, also noting that South-South cooperation can enhance the process of exchanging expertise and experience in the continent. The current development financing portfolio amounts to over $25 billion to implement 377 projects in various development sectors.

It is worth noting that the ACF was established in 2012, and it is the continent’s largest annual gathering for the private sector. The forum includes more than 1,500 representatives from over 70 countries; business community leaders, investors, government representatives, decision makers and international institutions, all with the aim of stimulating the role of the private sector. The ACF also hosts the  Women Working for Change (WFC) Summit, dedicated to the empowerment of women and female entrepreneurs.