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  • Wednesday, 05 October 2022

Within the Activities of the “Transition Finance Towards Net Zero: Scaling Blended Finance”: H.E. Dr. Rania A. Al-Mashat Held Bilateral Meetings with BlackRock & Bank of America Representatives

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat held bilateral meetings with Paul Bondar, the Global Head of Sustainable Investing at BlackRock; and with Omer Farooq, the Bank of America’s Global Head of Asset Finance, on Egypt’s Country Platform for the NWFE program, as well as ways to stimulate private sector participation in climate efforts and increased innovative financing. 

They also discussed ways to advance climate action efforts and the green transformation, as well as opportunities for cooperation in the context of Egypt’s COP27 Preparations.

Moreover, Al-Mashat stressed the Government of Egypt’s commitment to enhancing effective development cooperation with multilateral and bilateral development partners, and international institutions, to accelerate progress towards the green economy transition, in line with the National Climate Change Strategy 2050 (NCCS 2050).

Al-Mashat also shared Egypt’s Country Platform for the NWFE Program, a nexus of water, food and energy projects, aiming to increase development financing and enhance private sector participation in sustainable development efforts. This is in line with the NCCS 2050, and in preparation for COP27.

In the meeting, they also discussed private sector participation in development, especially in adaptation and mitigation projects, with the support of de-risking tools and blended and innovative financing. Additionally, Al-Mashat spoke about the developments made by the Government of Egypt in expanding private sector participation in green transformation efforts, which comes as part of the economic and structural reforms since 2016.

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. 

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