CAIRO – Egyptian International Cooperation Minister Rania El Mashat said the G20 launching of the Global Blended Finance Alliance (BFA) would help mobilize funding for accelerating the implementation of the Sustainable Development Goals (SDGs).
She added this alliance comes at a time when the Egyptian government is holding talks with bilateral and multilateral development partners to activate innovative financing tools and advance climate action.
Mashat made the remarks during her participation in the sustainable development forum organized by Indonesia, the current chair of the G20, to initiate the Global BFA to push the transition towards clean energy sources and promote small and medium-sized enterprises, according to a statement released by the International Cooperation Ministry.
Indonesia seeks through the Global BFA to play a vital role in bridging the SDGs financing gap and addressing challenges via a global plan that consists of six key points: accelerating innovative financing, policy reform, capacity building and strengthening regional cooperation, as well as aligning businesses with technology sustainability standards, innovation and digital inclusion, the statement added.
In her speech, the international cooperation minister explained Egypt is committed through its presidency of the UN Climate Conference (COP27), to speeding up climate action efforts, especially with regard to transition to clean energy sources and supporting the resilience of countries to climate change, in addition to driving the international community to turn climate pledges into concrete action.
She asserted the importance of benefiting from Egypt’s chairmanship of the COP27 and Indonesia’s presidency of the Group of 20 to strengthen the exchange of expertise between countries of the South, and accelerate the pace of climate action to encourage international financial institutions to effectively contribute to achieving development in developing states and emerging economies, the statement read.
Mashat said Egypt is working on supporting startups and small and medium-sized enterprises to have a role in countering climate change, the statement concluded.
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