Egypt discusses development projects in environment field ahead of COP27

CAIRO - 25 November 2021: The Minister of International Cooperation Rania A. Al-Mashat met with the Minister of Environment Yasmine Fouad at the Ministry of International Cooperation’s headquarters where they discussed joint projects and the organization of the 27th session of the Conference of the Parties (COP 27) in Sharm El-Sheikh on behalf of the African continent. The two ministers also looked into a number of initiatives and implementation mechanisms, alongside development projects based on the national strategy for climate change. 

Al-Mashat expressed that hosting COP 27 in Sharm El-Sheikh enhances the country’s leading position in Africa in terms of the green transformation, particularly in light of the 2050 National Climate Change Strategy. This also opens the door to more opportunities for cooperation and partnerships with development partners and International Financial Institutions (IFIs) in providing development and innovative financing to support in implementing the aforementioned plans. 

Explaining that the Ministry of International Cooperation seeks to advance development efforts across various sectors of the country, Al-Mashat shared the Ministry’s 3 Principles of Economic Diplomacy which entail; hosting Multi-Stakeholder platforms, mapping the Official Development Assistance (ODA) to the UN Sustainable Development Goals (SDGs), and ensuring the Global Partnerships Narrative which puts “People at the Core” & “Projects in Action” & “Purpose as the Driver”. 

Fouad shared that the opportunities for cooperation with IFIs in formulating and implementing adaptation and mitigation projects for climate change are of great importance to Egypt, and other developing countries. The Minister of Environment also touched on the National Climate Change Strategy which aims to provide an added value in adaptation projects, thus attracting the private sector for investments. Fouad also added that Egypt places great importance on implementing projects that mitigate and curb the impact of climate change, through  green cities, coastal protection, and agriculture. 

Recently, Al-Mashat took part in both the Bloomberg’s New Economy Forum in Singapore and Dubai’s CEO Dialogue, where the Minister had held several bilateral meetings with policymakers, government officials, think tanks and research centers, to review Egypt’s progress towards comprehensive, and sustainable green growth, in line with the 2030 SDGs.

It is worth noting that the environment sector is one of the Ministry’s most vital sectors in terms of securing development financing. The ongoing development financing portfolio amounts to $260 million to implement 4 major projects, including one that manages solid waste and controls industrial pollutants, to which several development partners contributed such as, the World Bank, the European Investment Bank (EIB), Agence Française de Développement (AFD), the European Union, and Italy.