The Arab Coordination Group is to make $24 billion available for climate financing until 2030.
This announcement by the Islamic Development Bank Group (IDBG) came during an event organised by the OPEC Fund for International Development as part of Finance Day at COP27.
Egyptian Minister of International Co-operation Rania el-Mashat, bank president Dr Mohammed al-Jasser and OPEC director general Dr Abdul Hamid al-Khalifa attended the event.
The Arab Coordination Group comprises ten national, regional and international institutions.
El-Mashaat said: “Most of the commitments made at the Glasgow Conference, COP26 must take their way towards implementation on the ground by means of realistic and attractive investment projects that stimulate private sector participation in development efforts.”
“The Egyptian government is working closely with all international and regional funds and financial institutions to stimulate climate efforts,” el-Mashat said, as she thanked the OPEC Fund for International Development, the Islamic Development Bank and the Arab Coordination Group for their support for Egypt’s development efforts.
The minister also spoke about the National Platform for Green Projects (NWFE), which was launched last July, and the work in co-ordination since then the work and co-ordination with national agencies and development partners resulted in Thursday’s funding announcement.
Innovative finance is one of the important mechanisms to stimulate green transformation, which Egypt is working on through the NWFE programme.
“Developed countries had pledged $100 billion in funding to developing countries for climate action, but the needs are much greater,” she said. “COP27 is, therefore, essential to the implementation of the world’s commitments,” she added.
Egypt links with the OPEC Fund span several decades a joint co-operation portfolio worth $1.5 billion.
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