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  • Monday, 17 April 2023

H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation, During the meeting of the African Consultative Group with David Malpass, President of the World Bank Group (WBG): We call on the World Bank to strengthen the call to activate the Loss and Damage Fund and provide technical assistance and reports to African countries

● We call on the World Bank to increase the funds available for efforts to adapt to climate change.

● Creation of the Scaling Climate Action by Lowering Emissions (SCALE) trust fund.

● We welcome the ongoing discussions on the World Bank's evolution roadmap and expect a balanced approach to financing adaptation and mitigation.

The Minister of International Cooperation and Governor of Egypt at the World Bank H.E. Dr. Rania A. Al-Mashat said that the climate crisis undermines development gains achieved over the past decades and raises poverty rates, especially in the African continent. H.E. also noted and thanked the World Bank for the climate finance delivered to Sub-Saharan Africa worth $14.3 billion, in addition to issuing Climate and Development Reports (CCDRs), adding that these reports will enable the World Bank and other development partners to tailor climate support to country needs by ensuring alignment with existing Country Partnership Frameworks (CPFs). 

These remarks came during H.E’s speech at the African Consultative Group Meeting with World Bank Group President David Malpass, within the activities of the World Bank and the International Monetary Fund (IMF)  Spring Meetings in Washington.

Al-Mashat stated that the establishment of the Scaling Climate Action by Lowering Emissions (SCALE) trust fund will mobilize financing and expand the scope of climate action by reducing emissions and making funds and grants available from countries, the private sector and international financing institutions, to would support global climate action efforts. H.E. expressed her appreciation for the quarterly reports made available by the World Bank on food security as well as providing financial resources to meet short - and long-term food needs.

The Minister noted several messages related to African countries, the most important of which is that developing countries, especially in the African continent, contribute the lowest percentage of harmful emissions, yet they are more vulnerable to its effects. In this regard, Egypt worked during its presidency of COP27 to achieve progress in this by reaching an agreement on the establishment of the Loss and Damage Fund to achieve climate justice, noting the need for the World Bank to play its role in strengthening the call to activate this fund in a timely manner and provide reports and technical assistance to African countries to determine the appropriate level of compensation for them.

H.E. added that, “6. According to the United Nations Environment Program (UNEP) 2022 Adaptation Gap Report, international adaptation finance flows to developing countries are five to ten times below estimated needs and will need over US$300 billion per year by 2030, where most of the climate funds available now, particularly private finance, is more targeted towards mitigation. Hence, we call on the World Bank to target 70% of its climate funds to Africa towards adaptation and to advocate for the “Loss and Damage Fund”.

Al-Mashat also requested that the World Bank include information on potential innovative sources of financing in its reports. In addition, H.E. encouraged the bank to deepen its cooperation with other international financial institutions, such as the African Development Bank (AfDB) and platforms, such as the African Union Development Agency-NEPAD (AUDA-NEPAD) in the climate agenda. 

At the end of her speech, Al-Mashat welcomed the discussions on the evolution roadmap for the World Bank, and stressed the importance of continuous commitment to the bank’s Twin Goals of ending extreme poverty and promoting shared prosperity in a sustainable way, explaining that solutions to confront climate change contribute in strengthening efforts to achieve the Sustainable Development Goals. H.E. added that, “In that light, we expect that the outcome of the evolution process will not place any undue burden on Africa and will ensure a comprehensive and balanced approach to climate financing between adaptation and mitigation”.

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank and IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.