Egypt’s Minister of Finance, Mohamed Maait, emphasized the importance of enhancing the efforts of multi-stakeholder development banks to provide blended and low-cost financing. This financing combines public and private finance to support the capacity of emerging economies and developing countries in their green recovery journey. The goal is to maximize adaptation efforts to climate change, especially considering the unprecedented challenges faced by these countries’ budgets due to consecutive global economic crises. To achieve this, a strategy for more sustainable financing needs to be developed.
During his participation in the events of the first day of the meetings of the International Monetary Fund and the World Bank in Marrakech, Morocco, the Minister called on global financial institutions and multi-stakeholder banks to support environmentally friendly development projects. He also urged them to exchange experiences and expertise regarding current challenges and available opportunities. The aim is to establish policies capable of financing comprehensive and sustainable development goals.
The Minister highlighted the need to mobilize more financial resources by encouraging private sector participation in economic activities. This will help achieve development goals by providing sustainable financing and creating innovative financial tools. The ultimate objective is to enhance comprehensive economic growth and meet the basic needs of citizens without compromising the capabilities of future generations.
Furthermore, the Minister expressed the desire to support the International Monetary Fund, the World Bank, and other institutions in their efforts to mobilize local resources. This is necessary to address financing gaps in emerging economies caused by global inflationary pressures, which have made accessing international financial markets more difficult and costly. The Egyptian government has adopted a diverse financing strategy based on market diversification and financing instruments. This strategy aims to provide sufficient liquidity to achieve development targets and stimulate green investments.
