Egypt’s Minister of Planning and Economic Development Hala El Said stressed on Sunday the importance of providing sufficient funds to fight climate change.
During her participation in the proceedings of the Official Monetary and Financial Institutions Forum in New York on the sidelines of meetings of the World Bank and the International Monetary Fund, the minister said any bold climate work will not be achieved without sufficient finance to support efforts aimed at adaptation to the climate change.
She said the transition to green energy represents a main challenge especially for developing countries.
The minister added that the slow economic growth and high inflation lead to the increase of the debt and prices especially in emerging markets and that any increase in food and energy prices would negatively effect spending and debt levels.
Minister Said pointed out to the Egyptian state’s efforts to build a flexible economy and promote adaptation in the aftermath of these conditions, praising the role of the private sector in the fields of direct foreign investments to increase exports.
She added the Egyptian state is working on luring more investments and improving the business environment.
She added that her ministry will launch two important initiatives during the climate change conference (COP27) in Sharm El Sheikh under the auspices of the president of the republic, the first will be on a decent life initiative in Africa while the second will be the national initiative for green intelligent projects.
Discussion about this post