Minister of Finance Mohamed Maait said that the current global economic crisis and climate change have increased challenges for developing countries and emerging economies.

Maait made the remarks at a discussion session with the mayor of London on Saturday 21/05/2022, in the presence of Head of the Egyptian British Business Association Khaled Nusair, Head of the Finance Ministry’s Investors Support Unit Nasreen Lashin, and a host of business community representatives and media personnel.

During the session, held as part of the minister’s participation in the activities of a national trade mission to the UK, Maait urged international development partners to offer adequate climate financing opportunities for developing nations, to help advance their green economy transition programs to ensure sustainable growth and promote private sector’s active engagement in environmentally-friendly projects.

He said that Egypt is already engaged in talks with several development partners, such as the International Monetary Fund (IMF), the World Bank, and international commercial banks, to consider ways for easing the debt burdens of these countries in return for fulfilling climate change requirements during the exceptional circumstances the world is going through.

These institutions have been invited to a panel discussion in September to come up with satisfactory results that could be included in the agenda of the 27th session of the Conference of the Parties (COP27) to the UNFCCC, which will take place in Sharm El Sheikh later this year, the minister noted.

Source: State Information Service Egypt