Urgent Call for Climate Finance: Egyptian Minister Urges World Bank Group to Boost Commitment
During a recent meeting with Ajay Banga, President of the World Bank Group, Rania Al-Mashat, Minister of International Cooperation in Egypt, highlighted the urgent need for climate finance from the Bank. She emphasized that African countries are seeking approximately $277 billion in financing to help mitigate and adapt to the effects of climate change.
The Minister called for innovative tools to mobilize more climate finance through the Private Sector Investments Laboratory. She also stressed the importance of activating the Loss and Damage Fund and providing technical assistance to help countries assess climate risks.
During the meeting, African governors discussed important topics such as public debt, financing energy projects, private sector involvement, and climate financing. The Minister underscored the critical role that climate finance plays in Africa’s development and urged the Bank to explore ways to increase its commitment to this issue.
The African Group appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies that would attract more private financing. The Minister emphasized that while mitigation is essential, adaptation financing must also be increased, and private sector financing should be strengthened for mitigation activities.
Overall, Rania Al-Mashat emphasized the need for the World Bank Group to focus on advancing development in Africa by providing crucial support for mitigating and adapting to climate change.
