Al-Mashat highlights NWFE program, Sharm El-Sheikh Guidebook for Just Financing, Egypt’s debt swap experience in UNESCWA

CAIRO - 18 September 2022: Minister of International Cooperation, Rania A. Al-Mashat participated in the “Towards COP27: Arab Regional Forum, High-Level Panel on Mobilizing Climate Finance'' session held by the United Nations Economic and Social Commission for West Asia (UNESCWA).

 

Al-Mashat met with the UNESCWA’s Executive Secretary Rola Dashti where they discussed Egypt’s Country Platform for the NWFE Program, the Sharm El-Sheikh Guidebook for Just Financing, and Egypt’s country experience on debt swaps with Italy and Germany.

 

In the meeting, Al-Mashat discussed the efforts made in preparing the Sharm El-Sheikh Guidebook for Just Financing, which was launched during the Egypt - International Cooperation Forum’s second edition. The Minister explained that over the past period, the guidebook was prepared in cooperation with about 70 development partners, international financial institutions, and commercial and investment banks, as part of preparations ahead of COP27.  

 

Al-Mashat elaborated that the Sharm El-Sheikh Guidebook for Just Financing aims to develop a practical framework to achieve integration among all relevant parties in terms of climate finance, to enhance the availability of development finance in developing countries and to utilize it through investment opportunities in environmentally friendly sectors by determining an action plan and operational measures that can be implemented by all parties. This falls within the framework of Egypt’s COP27 presidency, under the slogan “from pledges to implementation. 

 

The Minister also discussed  Egypt’s Country Platform for the NWFE Program, a nexus of water, food and energy projects, aiming to accelerate the pace of inclusive and sustainable development, while also mobilizing climate finance and private sector investments that support the green transition; all within the National Strategy for Climate Change 2050 and the Nationally Determined Contributions (NDCs). Al-Mashat added that the NWFE Program reflects the objectives of the Egyptian COP27 Presidency, which is to move from pledges to implementation by progressing on the climate action agenda, and by mobilizing development funds in priority sectors namely, water, food and energy. 

 

Moreover, Al-Mashat stressed the importance of the debt swap in supporting developing countries with climate targets, noting that Egypt has two pioneering examples with Germany and Italy, within which a number of stages were implemented, thus contributing to development efforts and to the implementation of a number of sustainable projects. The Minister explained that Egypt implemented 3 phases of the debt swap with Italy, amounting to $350 million that included a variety of sectors such as food security, energy, and education Additionally, with Germany, the debt swap amounts to €240 million, also with a focus on energy efficiency and quality education. 

 

During her visit to Beirut, Al-Mashat also took part in the “Towards COP27: Arab Regional Forum, High-Level Panel on Mobilizing Climate Finance” session held by the United Nations Economic and Social Commission for West Asia (UNESCWA); one of the five regional forums organized by the UNESCWA in cooperation with the COP27 Presidency.

 

It is worth noting that last week, the Ministry of International Cooperation, along with the Ministries of Foreign Affairs, Finance and Environment, and United Nations Economic Commission for Africa (UNECA), organized the second edition of the Egypt - International Cooperation Forum and Meeting of African Ministers of Economy, Finance and Environment, under the patronage of President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt. The event witnessed the participation of over 23 African governments and over 20 panels, workshops and roundtables, in preparation of COP27’s Finance Day.