Africa will risk $415 billion annual economic losses by 2030 due to damages caused by natural disasters, warned Planning and Economic Development Minister Hala el-Saeed.
Delivering a speech on the sidelines of the UN Climate Change Conference (UNCCC) COP27, the minister said the climate conference primarily aims to focus on evaluating the progress made so far by the world in implementing mechanisms to confront climate change.
Despite that the humanity attained remarkable progress over the years in this file, the Global South countries are now facing hurdles to such rapid progress, the minister went on to say.
Without rapid intervention, the cost of structural damage caused by natural disasters in Africa would increase to hit $415 billion annually by 2030, according to the figures of the UN Office for Disaster Risk Reduction (UNISDR), added the minister.
The minister, meanwhile, shed light on the structural reform programme in Egypt, saying it is meant to increase the private sector’s participation in the economy.
The progress toward green transition is a milestone in this programme, she added, noting that Egypt aims to direct local and foreign investments to the activities and green activities.
The Sovereign Fund of Egypt was established three years ago as a trusted mechanism for the government to carry out investments with the local and foreign investors, said the minister.
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