Mashat calls for review of financing to reduce burdens on middle-income countries

Egypt’s International Co-operation Minister Rania el Mashat called for a review of financing to reduce burdens on middle-income and least developed countries.

Mashat, meanwhile, added that mobilizing resources from various relevant parties to finance climate change has become crucial, in order to face global challenges, according to a statement issued by the ministry on Sunday.

Mashat further pointed out that despite the challenges posed by climate change, financing is still at levels less than required, which highlights the need for innovative financing mechanisms.

This came during Mashat’s participation in the discussion session held during the World Bank and International Monetary Fund (IMF) Spring Meetings 2023 in Washington, on “Measure, Manage, Magnify: The Role of Public and Private Finance Institutions in Maximizing Climate Finance”, where the session discussed the climate financing scene and practical solutions to bridge the financing gap, and the role of the World Bank in ongoing discussions to support efforts to mobilize resources and unleash the private sector to participate in climate finance.

The minister spoke about Egypt’s efforts to mobilize various financing mechanisms through multilateral cooperation with multilateral and bilateral development partners, the private sector, philanthropic organizations and civil society, noting that the expansion of risk reduction tools is necessary to ensure increased private sector investment and ensure that funds reach countries.

Moreover, Mashat called for the need to reconsider the financing and burdens on middle-income and least developed countries. Al-Mashat also reviewed the experience of launching the country platform for the nexus of water, food and energy (NWFE Program), which promote green transformation efforts, reduce emissions, enhance resilience in climate changes, and develop the infrastructure for climate financing, through a partnership-based approach.

The minister pointed out that the projects to be implemented promote renewable energy including traditional power plants to generate 10 gigawatts of renewable energy, the establishment of 5 water desalination plants using renewable energy, the modernization of irrigation systems, and early warning systems.