»Climate Finance» requires international cooperation with an innovative vision and more responsive to basic needs

The “Debt Alliance for Sustainable Development” launched at the Climate Conference in Sharm el-Sheikh could be part of the solution to the issue of “Climate Finance”

Financing gaps are widening in developing and African countries with increasing economic and social pressures

We look forward to benefiting from sustainable financing tools to achieve climate and development goals in Africa

We look forward to exploring innovative financing mechanisms such as sustainability bonds and debt-for-green investment swaps

«Low-cost financing» and the use of «guarantees to reduce cost» enhance the contributions of the private sector in the transition to a green economy

We call on countries, financial institutions and the private sector to join the Debt for Sustainable Development Alliance

 

 

Minister of Finance, Ahmed Kouchouk, stressed that dealing with climate challenges requires concerted international efforts and programs for sustainable concessional financing, explaining that "Climate Finance" requires international cooperation with an innovative vision and more responsive to basic needs.

 

During his participation in the "Debt Sustainability Forum" supported by the Egyptian Ministry of Finance and the United Nations Economic Commission for Africa on "Financing Day" at the COP29 Climate Conference in Azerbaijan, the Minister said that the "Debt for Sustainable Development Alliance" launched at the Climate Conference in Sharm el-Sheikh could be part of the solution to the issue of "Climate Finance", calling on countries, financial institutions and the private sector to join this alliance in a way that contributes to advancing the development path.

 

The Minister added that financing gaps are widening in developing and African countries with increasing economic and social pressures, pointing out that we look forward to benefiting from "sustainable financing" tools in achieving climate and development goals in Africa, and exploring innovative financing mechanisms such as sustainability bonds and debt-for-green investment swaps.

 

The Minister explained that "low-cost financing" and the use of "guarantees to reduce the cost" enhance the contributions of the private sector in the transition to a green economy, which is reflected in the growth of investments in environmentally friendly activities.