CAIRO – Egyptian Minister of International Co-operation Rania al-Mashat stressed the importance of promoting co-operation with the European Investment Bank (EIB) to up the private sector’s contribution to carrying out climate action ventures via innovative finance solutions.
During a meeting Thursday with EIB President Dr Werner Hoyer, that took place during her visit to the Bank’s headquarters in Luxembourg, the minister said she discussed with EIB officials ongoing co-operation, in light of Egypt’s hosting of the upcoming United Nations Framework Convention on Climate Change (UNFCCC) COP27, to open in the Egyptian Red Sea resort city of Sharm el-Sheikh in November.
The possibility of boosting joint ventures in support of green economy transformation, as part of climate action activities also figured high on the discussions.
The minister highlighted the Egyptian government’s keenness on fostering co-operation with the EIB, in line with the National Strategy for Climate Change 2050.
Meantime, Mashat underscored the Egyptian State’s efforts to lure investments and provide finance for climate adaption ventures, along with projects meant to mitigate impact of climate changes, with a view to achieving economic resilience in the face of climate issues.
For his part, the EIB president welcomed Mashat’s visit, adding that the EIB was looking forward to boosting co-operation with Egypt in the various domains.
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