Egyptian Minister: We Worked With 100 Partners to Study Mechanisms Stimulating Fair Funding

Egyptian Minister: We Worked With 100 Partners to Study Mechanisms Stimulating Fair Funding

International Cooperation Minister Rania Al-Mashat said that Egypt's most important success in hosting the COP27 climate conference was directing the world’s attention to the Middle East and mobilizing international efforts to support Africa.

“Egypt was able to provide a model for the world and emerging countries by its ability to organize this huge international conference, which is among the largest in the world, and to host thousands of participants and world leaders to discuss climate action,” Al-Mashat told Asharq Al-Awsat.

“At the climate conference in Glasgow last year, we held a round table in the presence of global financial institutions and the private sector and launched an initiative to develop an international framework for innovative finance.”

“Since then, we have worked with more than 100 development partners, the private sector, investment and commercial banks, and non-profit organizations to study mechanisms and ways to stimulate equitable financing,” revealed Al-Mashat.

The minister added that efforts were also spent on developing clear recommendations that would stimulate the ability of countries and governments to provide appropriate financing to meet their climate ambitions and implement Nationally Determined Contributions (NDCs).

“Six working groups were launched, and a development partner took charge of coordination in each group in order to formulate and