Business Hub _ Cairo
Dr. Rania Al-Mashat continued, Minister of International Cooperation, her meetings with government officials, and international financial institutions, and institutions involved in climate action, and the private sector, During her participation in the activities of the World Economic Forum “Davos”, To discuss ways to stimulate innovative financing tools and blended financing to advance the climate action agenda and the transition towards a green economy, Implementation of the sustainable development goals in light of Egypt’s hosting of the COP 27 climate conference.
The Minister of International Cooperation, Bilateral meeting with Her Majesty Queen Maxima of the Netherlands, The UN Secretary-General’s Special Envoy for Inclusive Financing for Development, Where the importance of achieving financial inclusion in achieving sustainable development was discussed. and facing climate change.
During the meeting, the Minister of International Cooperation referred to the presidential initiative, a decent life, which aims to improve the standard of living of citizens in the most needy areas through activities in various fields of development in their diversity, including financial inclusion. Increasing the percentage of young men and women who have bank accounts, She also referred to the Solidarity and Karama project implemented by the government in partnership with the World Bank, which led to the inclusion of millions of citizens from the lowest income groups in the financial system in Egypt.
In another context, the Minister of International Cooperation discussed, With Dr. Salman bin Khalifa Al Khalifa, Bahraini Finance Minister, Means of joint cooperation between the two countries in various fields of development, strengthening development partnerships, and opportunities for cooperation in the field of entrepreneurship and innovation.
Al-Mashat also met Mrs. Odile Renaud Basso, President of the European Bank for Reconstruction and Development, Whereas the close relations between the government and the Bank were emphasized, And addressing the implementation of the bank’s new country strategy in Egypt 2022-2027, recently approved, The new projects that are being consulted on between the two sides were also discussed. Especially in the areas of green transformation in light of Egypt’s hosting of the United Nations Climate Conference COP27.
During her meeting with Mr. Jay Collins, Vice President of Citibank, Al-Mashat continued, Its discussions with the Bank to enhance innovative financing tools for the implementation of the Sustainable Development Goals, and closing the financing gap for the transition to a green economy, This is within the framework of the role played by the Ministry of International Cooperation to negotiate with multilateral and bilateral development partners to agree on mechanisms for promoting innovative financing that enhances the participation of the private sector in development. It provides opportunities for the participation of relevant parties in supporting climate finance efforts and implementing projects for adaptation and mitigation of the consequences of climate change.
Al-Mashat also met Mrs. Judith Weiss, Head of Sustainability, Siemens AG, Which is one of the largest companies that invest in Egypt, During the meeting, the vital role played by private sector companies was emphasized. By cooperating with governments and other relevant parties, To promote the transition to renewable and clean energy, The Minister of International Cooperation, Cooperation with the company within the framework of Egypt’s hosting of the COP27 climate conference, It also reviewed the steps taken by the government to enhance the partnership between the public and private sectors in the field of sustainable infrastructure and enhance economic competitiveness by providing a greater role for the private sector in vital sectors such as transportation, electricity and water. And Egypt’s quest to transform into a regional energy hub.
She also touched on the major national projects that have been implemented in the renewable energy sectors, such as the Benban Solar Energy Project, one of the largest projects in the region. In addition to the measures that have been implemented to expand the generation of green hydrogen and attract foreign direct investment within the framework of a national plan for green hydrogen.
For her part, Head of Sustainability at Siemens AG, Expressing its appreciation for the cooperation shown by the government with the company to support green transformation efforts and implement many projects, and readiness to cooperate in the Conference of the Parties.
The Minister of International Cooperation, interviewed Mrs. Dima Al Yahya, Secretary General of the Digital Cooperation Organization, Where the importance of the Fourth Industrial Revolution and digital transformation in achieving sustainable development in various sectors was discussed, Emphasizing the importance of innovation and digitization in driving climate action efforts and promoting green transformation. The Digital Cooperation Organization is a global, multilateral body that strives to achieve digital prosperity for all. By launching various activities and initiatives focusing on the digital economy and supporting youth, entrepreneurs and women, Its membership includes eight countries: Bahrain, Jordan, Kuwait, Nigeria, Oman, Pakistan and Rwanda. and Saudi Arabia.
Dr. Rania Al-Mashat participated, Minister of International Cooperation, In a panel discussion with the Global Alliance for Blended Finance, in the indonesian pavilion, During the activities of the World Economic Forum “Davos”, On the importance of blended finance in promoting climate action, Filling the financing gaps in developing countries and emerging economies, To implement green transformation plans, and implementing projects that reduce the effects of climate change.
The Minister of International Cooperation, On the importance of the Global Blended Finance Alliance, To support the implementation of the sustainable and inclusive development goals, providing financing to emerging markets, financing sustainable infrastructure projects, Providing innovative solutions for green transformation, and motivating private capital to participate in these projects, and motivate other parties such as civil society and academia.
She met the Minister of International Cooperation, Mrs. Lawrence Tropiana, CEO of the European Climate Foundation, Where she reviewed the measures taken by Egypt to move towards a green economy, By implementing projects in priority sectors such as renewable energy, sustainable water and infrastructure, efforts to support climate action, As well as joint relations with international financial institutions to implement projects. The CEO of the European Climate Foundation, On the main role that Egypt plays in the transition towards renewable energy, The Foundation looks forward to joint work with Egypt to support climate action.
Dr. Rania Al-Mashat participates, Minister of International Cooperation, At the World Economic Forum in Davos, Which is held under the title “Forming government policies and business strategies at a landmark historical stage.” It will continue until next Thursday. With the participation of more than 2,500 leaders of governments and economies in the world, decision-makers and international institutions, The forum is actually being held for the first time since the outbreak of the Corona pandemic at the beginning of 2020.