Ahmed Kouchouk, Minister of Finance in Egypt, stressed that we look forward to working together to play a decisive and influential role in ensuring the sustainability of financial conditions and bridging the gap between ambitions and capabilities, explaining that collective international action is pushing efforts to build an “ambitious climate financing structure” that is more responsive to emerging economies.
He said, at the meeting of the “Alliance of Finance Ministers for Climate Action” in Azerbaijan: “There should be a greater role for financial institutions, international partners and the private sector in pushing climate investments in developing countries,” stressing that a balance must be achieved between development and climate goals, and taking into account the varying priorities, needs and capabilities of countries. .
The Minister of Finance in Egypt added that there must be global financial mechanisms that provide soft financing with various and innovative tools that help reduce risks in developing countries, pointing out the necessity of maximizing the use of risk-sharing tools such as “guarantees” and insurance mechanisms to increase the flow of investment towards national goals.
The minister explained that Egypt is looking forward to a partnership of international institutions and investors to enhance investment in the fields of energy, water and food security, noting that we have issued “green bonds” within a “sustainable sovereign financing framework” for climate projects, and we are seeking more diversification of tools and markets, and we have already used the returns. Green bonds to finance renewable energy, clean transportation, water and sanitation initiatives.
