Egypt Plans to Develop Sustainable Transport Sector

Egypt Plans to Develop Sustainable Transport Sector

Egypt's Minister of International Cooperation Rania al-Mashat said that climate action had become a top concern for world governments and the international community due to its paramount importance on livelihoods and life.

Mashat stated the repercussions of climate change on the economic, social, and environmental aspects, noting that climate action became crucial while the world was trying to recover from the pandemic.

The Minister participated via videoconferencing in the climate financing summit in Munich, Germany.

The summit included government officials and the private sector on the sidelines of the G7 meeting. It discussed strategies and funding for sustainable transport in major cities.

The Minister explained that Egypt is cooperating, through its presidency of UN's COP27, with all international and regional institutions, multilateral development banks, and the private sector to transform pledges into realistic measures and projects.

She explained that Cairo is exploring innovative models to finance climate-related projects through blended financing or other financial initiatives and instruments capable of mitigating the risks of investing in green projects and mobilizing more capital flows.

Mashat discussed the transport sector in Egypt, which comes at the top of the state's priorities, as public transport in Cairo alone serves about six million citizens daily.

Egypt wants to transform into a sustainable