African Development Bank delegation in Egypt to ensure success of COP27

Abidjan - 14 March 2022 - African Development Bank Vice President Kevin Kariuki will lead a delegation to Egypt, the host country for this year’s United Nations Climate Change Conference 2022, for exploratory talks on how the Bank and Egypt can collaborate to make COP27 a truly breakthrough event for people and planet.  COP 27 is scheduled for November 2022 in the coastal city of Sharm El Sheikh. 

 

Kariuki, the Bank’s Vice-President for Power, Energy, Climate and Green Growth, will meet several ministers, including Rania Al-Mashat, Egypt’s Minister of International Cooperation, Egypt’s Minister of Environment Yasmine Fouad, Sameh Shoukry, Minister of Foreign Affairs, and Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy.  The visit will take place from 13 to 17 March 2022. 

 

 

The Bank’s engagement with the Egyptian authorities will advance the Glasgow to Sharm-El-Sheikh work programme on Global Goal on Adaptation with a view to securing a safe and resilient future for the planet.  Also on the table will be the establishment of a platform for dialogue with African countries on developing a common position on climate change and further amplifying Africa’s voice at COP27. 

 

VP Kariuki will meet representatives of the World Bank Group, European Bank for Reconstruction and Development, the International Monetary Fund, the European Investment Bank, the Islamic Development Bank, and United Nations Agencies, to explore a common approach for building upon the Glasgow Climate Pact, as well as issues and priorities specific to COP27 in support of the Government of Egypt.

 

The Pact comprises of a package of decisions arrived at COP26, including strengthened efforts to build resilience to climate change, to curb greenhouse gas emissions through implementing Just Energy Transition plans and to provide the necessary finance for both. 

 

The Bank delegation will additionally discuss ways to showcase Egypt’s pioneering initiatives for advancing green transformation, including the recently launched 2050 National Climate Change Strategy, and how these can be replicated in the developing countries, including in Africa.

 

“Egypt has undertaken tremendous efforts to address climate change vulnerability and impacts on the key sectors (energy, transport, waste, water, industry and agriculture) and has invested significantly to put forward measures to enhance their resilience. It is important to showcase these achievements”, Kariuki said. 

 

The African Development Bank has been a strategic partner for Egypt’s mitigation and adaptation efforts, providing $1 billion in loans and investment between 2007-2021. 

 

Since 1974 when the Bank started financing operations in Egypt, it has financed over 105 projects with a value of $6.6bn, in infrastructure development (transport, power, water supply and sanitation), agriculture, communications, finance, industry and social sectors as well as economic and institutional reforms and capacity building.