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  • Sunday, 19 June 2022

Minister of International Cooperation Meets World Bank Group’s Senior Adviser on Climate Action to Discuss Supporting Egypt’s COP27 Presidency

The Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG) H.E. Dr. Rania A. Al-Mashat met with Dr. Stephen Hammer, the WBG’s Advisor for Climate Policy and Strategy, in the presence of several bank officials. This meeting is within the framework of periodic meetings held with multilateral and bilateral development partners to enhance joint relations that are in line with Egypt’s Vision 2030. 

During the meeting, they discussed ways to enhance joint cooperation and the bank’s support for the national efforts made within the framework of COP27 preparations, and follow-up discussions on the Spring Meetings that took place in April. They also looked into potential cooperation opportunities in COP27 in terms of technical support and expertise exchange. 

During the meeting, Al-Mashat said that Egypt launched its 2050 National Climate Change Strategy, which aims to achieve comprehensive and sustainable growth by reducing emissions and implementing environmentally friendly projects in adaptation and mitigation; enhancing the transition to a green economy; and increasing sustainable infrastructure, technology, localization, and scientific research. 

The Minister explained that the National Climate Change Strategy aims to attract investments until 2050, and to implement projects in various development sectors  in a way that enhances the state’s leadership, at the regional level, in the green transformation. This all falls within advancing climate action, strengthening partnerships between the public and private sectors to implement adaptation and mitigation projects, and encouraging global efforts aimed to implement climate pledges, the Paris Climate Agreement, and other international agreements as well as the commitments made at Glasgow. 

Al-Mashat stressed the close relationship between Egypt and the WBG, and the continuous cooperation in order to stimulate development efforts through many pillars, as the new country strategy is currently being prepared for the coming years, as well as work on theCountry Climate and Development Reports (CCDRs). The Minister noted the importance of strengthening cooperation with the bank within Egypt’s COP27 Presidency, as well as stimulating innovative financing, blended finance, and de-risking mechanisms to increase green private investments.

For his part, Hammer affirmed the WBG's keenness on enhancing  its partnership with Egypt, and the importance of joint cooperation in climate action.

The ongoing portfolio of development financing with the WBG includes 15 projects worth $5.9 billion, including education, health, transportation, social protection, petroleum, housing, and local development.