● H.E. Dr. Rania A. Al-Mashat Egypt’s Country Platform for the NWFE Program, moving from pledges to implementation.
● H.E. Dr. Rania A. Al-Mashat discussed the launch of the Sharm El-Sheikh Guidebook for Just Financing to promote the development of an international framework for innovative and blended finance.
During her visit to Singapore to participate in the “Transition Finance Towards Net Zero: Scaling Blended Finance” conference, the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat. met with Singapore’s Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam, and on mechanisms for enhancing joint cooperation, and COP27 preparations.
During the meeting, Al-Mashat reviewed the efforts made by Egypt to push the international community in moving from pledges to implementation, and to implement a green transition on a local level through the country platform for the NWFE, a nexus of water, food and energy projects.
Al-Mashat explained that NWFE is a country-led program that reflects the Government of Egypt’s commitment to implementing climate pledges, stimulating the transition towards a green economy, and actively contributing to international efforts in reducing harmful emissions; all while linking climate and development.
The program works to mobilize development finance for a package of priority green development projects, aiming to achieve sustainable economic growth, low-emission development, and scientific research and knowledge transfer in the field of climate change. This is also within the framework of what the Ministry of International Cooperation is doing to enhance opportunities in preparation for the COP27 in Sharm El-Sheikh.
Moreover, Al-Mashat also spoke about the Sharm El-Sheikh Guidebook for Just Financing, as part of the COP27 activities, aiming to develop an international framework to stimulate innovative financing and to promote joint action between relevant stakeholders: governments, international financial institutions, development partners, philanthropic organizations, and private sector.
The Minister stressed that Egypt consistently places climate and development efforts at the forefront of its priorities, which is evident in projects implemented since 2014, most of which include a climate component. H.E. pointed out that through international partnerships, the Government of Egypt promotes financing green projects and providing technical and institutional support to national entities.
It is worth noting that H.E. Al-Mashat, is participating in the “Transition Finance Towards Net Zero: Scaling Blended Finance”, which is organized by the Monetary Authority of Singapore in cooperation with McKinsey & Company and Convergence. The conference featured many high-level guests including: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF); Ravi Menon, the Managing Director of the Monetary Authority of Singapore; Oliver Tonby, the Senior Partner at McKinsey & Company; Joan Larrea, the CEO of Convergence; Mark Carney, Co-Chair, Glasgow Financial Alliance for Net Zero (GFANZ) and Special Envoy of U.N. Secretary-General on Climate Action and Finance; Professor Lord Nicholas Stern, the Chair of the Grantham Research Institute on Climate Change and the Environment, London School of Economics; and Sri Mulyani, the Minister of Finance of Indonesia.
For more details about “Transition Finance Towards Net Zero: Scaling Blended Finance”, click here.