Funding, bank policies need updating to accommodate climate change: Sisi

CAIRO - 22 June 2023: Green growth is not an alternative, but rather a means to sustainable development, President Abdel Fattah el-Sisi said at the Summit for a New Global Financing Pact on Thursday.

He thanked French President Emmanuel Macron for hosting the summit, saying the situation internationally requires everyone to come together to become more resilient and confront climate change.

Sisi said, adding that Egypt hosted the 2022 climate summit and participating nations concluded that the availability of financing is an essential element to face the effects of climate change.

The Egyptian president highlighted that his country's vision of growth is based on job opportunities and decent livelihoods.

The Nexus of Water, Food and Energy (NWFE) Program, launched in July 2022, has received great international momentum, he continued.

Sisi emphasized that funding is the main factor for achieving sustainable development.

Meanwhile, the coronavirus pandemic and Ukraine crises adversely affected several tracks, but Egypt prepared a debt management plan for sustainable development.

Swift decisions must be taken to prevent a major debt crisis, and development bank policies must be updated to maximize their capabilities, Sisi emphasized.

Highlighting Egypt's keenness on green development, Sisi said the country has a transformation program for new energy until 2030 and we treat 13 million cubic meters of water to be reused.