We call on World Bank to support Africa in mobilizing $277B annually to implement its NDCS: Al-Mashat

CAIRO - 18 April 2024: Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, represented African Governors in delivering a speech during the African Consultative Group meeting with Ajay Banga, President of the World Bank Group. In her address, the Minister called on the World Bank and other partners to support Africa in mobilizing the necessary $277 billion annually for implementing its National Determined Contributions (NDCs).

 

Highlighting the continent's demands, Minister Al-Mashat emphasized the importance of securing financial assistance to meet climate action goals. The key requests made to the World Bank included supporting the mobilization of funds for NDC implementation, enhancing countries' capacity to develop viable projects and assess climate impact costs, establishing the Loss and Damage Fund (LDF), investing in renewable energy, facilitating the development of credible carbon markets, and assisting countries in creating and implementing climate prosperity plans.

 

The African governors engaged in discussions covering several critical topics during the meeting. These included public debts, financing energy projects, promoting private sector participation, climate financing, and increasing the available financial resources for the International Development Association (IDA) to address the challenges faced by developing countries.

 

Expressing appreciation for the World Bank's commitment to climate action and the expansion of the crisis response toolkit, Minister Al-Mashat acknowledged the significant task of bridging the financing gap. She requested President Ajay Banga to elaborate on the potential and viable strategies proposed by the Private Sector Investment Lab, aimed at mobilizing more climate finance.

 

The Minister warmly welcomed the operationalization of the Loss and Damage Fund, expressing the African Group's eagerness for its swift implementation. 

 

“We look forward to the speedy operationalization of the Fund and encourage the Bank to provide countries with timely technical assistance to enhance the client’s capacity on climate risk assessment, impact analysis, negotiation, and costing vulnerability compensation required. Also, we expect that our countries will be accessing the Fund on grant terms in keeping with the climate justice principle that polluter pays,” Al-Mashat stated.

 

Minister Al-Mashat highlighted the African Group's support for the expanded crisis response toolkit and urged the Bank to extend its coverage to all IDA countries facing or at high risk of debt distress.

 

Recognizing the stronger business case for climate mitigation, the Minister called on the Bank to further leverage private sector financing for mitigation activities. Additionally, she urged an increase in the share of adaptation finance to 70% by 2030.