Egypt’s Minister of Finance Mohammad Maeet said that the Egyptian state is working hard to develop the global financial structure with a view to facilitating green financing in African countries in line with recent crises occurring on the international scene.
The minister added that it is crucial to prop up emerging markets, and increase their ability to deal flexibly and positively with external shocks and challenges through providing innovative tools and mechanisms that are more stimulating for environmentally friendly investments.
Maeet referred to the importance of increasing the private sector’s participation in development projects being executed across the country as it is the engine of local economic growth.
Maeet pointed out the need to attract more foreign direct investments to Africa, which will help find solutions to African challenges, including limited access to energy.
These statements came yesterday during a roundtable discussion, the Future of Sustainability in Africa on the margins of the COP28 climate conference in Dubai.
Maeet underscored the importance of boosting the competitiveness of the African private sector in green and more sustainable fields.
The minister said that African integration must be achieved in the face of external macroeconomic shocks, adding that it is crucial for international community to unite to increase financial tools to mitigate the negative impacts of the climate change on the human living around the globe.
He confirmed that Egypt has adopted a package of measures to stimulate climate action in sustainable sectors, which contributes to enhancing the transition towards a green economy.
The Egyptian government has adopted several initiatives for green transformation, the most important of which is the Country Platform, launched in July 2022, for the Nexus of Water, Food and Energy (NWFE) Program.
Maeet pointed out that the Egyptian state is mobilizing its energies to stimulate green investments, through taking a raft of measures, including the formation of a Supreme Investment Council headed by the President of the Republic to ensure investment flows in a sustainable manner.
Source: The Egyptian Gazette
