ABIDJAN - 11 April 2022: The Egyptian government is creating an enabling environment and strategically aligning its policies with the needs of the private sector, the African Development Bank (AfDB) said in a press statement.
Ahead of COP27, Egypt is preparing a guidebook to help governments, multilateral development banks and the private sector engage in the mobilization of climate finance, the bank added.
In partnership with the Islamic Development Bank, AfDB organized an event on green banks and their critical role in overcoming climate finance gaps.
The event was organized on the sidelines of Middle East and North Africa Climate Week in Dubai.
The event brought together climate finance experts from both multilateral development banks, the Nordic Development Fund, and Pollination Group, a climate change investment and advisory firm, to share perspectives on how sustainable investments represent an opportunity for Africa and the MENA region.
“The creation of green funds and green financing mechanisms is key for financing green projects in Africa. We need the government, the MDBs, the local financial institutions and actors to work together to drive sustainable initiatives,” Egyptian Minister of International Cooperation Rania el Mashat said during the event.
Egypt, which will host COP27 in November 2022, is expected to serve as a role model for other countries in the region, she added.