Most African countries are hidebound with rising public debt while they cannot obtain finance to adapt to climate change, Minister of Finance Mohamed Maeet said on Tuesday.
Multilateral banks should, therefore, provide African and developing countries adequate funding to adapt to climate change and motivate eco-friendly investment, thus helping Africa meet its commitments to sustainable development through green projects, the minister said.
The minister made these remarks during a meeting with his Austrian, Dutch and Greek counterparts on COP27 sidelines.
“Egypt’s agreement with the International Monetary Fund (IMF) is evidence of the trust of international institutions in the Egyptian economy,” Maeet said.
“Under the terms of the agreement, Egypt will obtain $9 billion within the next four years from the IMF and other international financing institutions to finance the next phase of economic reforms.
“We intend to conclude COP27 with initiatives that create opportunities for financing and motivating the green transition in African and developing countries and strengthen collaboration with major finance institutions to relieve the debt burden of emerging economies,” Maeet said.
