International Cooperation Minister Rania el Mashaat has stressed the importance of cooperation with the World Bank during Egypt’s presidency of the COP27.

Technical cooperation is needed, together with an exchange of expertise, in order to boost climate action, Mashaat said during a meeting with World Bank Group Advisor on climate change Dr Stephen Hammer Sunday.

She also urged action to encourage innovative and blended finance, and reach a mechanism to reduce risks and promote green investments.

The meeting also took up means to support COP27 mechanisms of action, as well as cooperation mechanisms with the World Bank during the climate summit.

Mashaat posted Hammer on Egypt’s 2050 national climate change strategy, which aims to achieve comprehensive and sustainable growth through reducing emissions and implementing environment-friendly projects.

The strategy is meant to encourage efforts to help the Egyptian economy go green, improve the sustainable infrastructure and settle technologies and scientific research, the minister made it clear.

The 2050 national strategy also aims to lure huge investments to help establish many development ventures, she explained.

Hammer, for his part, said the World Bank Group is keen on maintaining a constructive relationship with Cairo, stressing the importance of joint cooperation at the level of climate action.

Egypt and the World Bank have a portfolio of 15 projects that should be implemented in the fields of education, health, transport, social protection, petroleum, housing and local development. The portfolio is worth a total of 5.9 billion dollars.

Egypt’s Red Sea resort city of Sharm el Sheikh is set to host the 27th climate summit (COP27) in November.

Source: State Information Service Egypt