Green finance... The priorities of the Ministry of International Cooperation until 2050

Dr. Rania Al-Mashat, Minister of International Cooperation, spoke during the last period about the ministry's efforts in following up development projects during the past months.

Funding follow-up

She emphasized that the Ministry of International Cooperation is keen to monitor and follow up development funds, and also provides an interactive map to match the funds that are agreed upon with the multilateral and bilateral development partners with the international goals for sustainable development, in a way that enhances follow-up on the use of these funds, and an indication of their impact at the level of the governorates of the Republic and the number of beneficiary citizens.

Novi Program

She also touched on the launch of the Ministry of International Cooperation, the national platform for green projects, the “Novi” program, in cooperation with the relevant national authorities in light of the national efforts to stimulate climate action and under the umbrella of the National Strategy for Climate Change 2050, with the aim of mobilizing concessional development funds and granting technical support for the implementation of green projects, as well as Mixed financing that stimulates the participation of the private sector, based on the state's tendency to expand the base of the role of the private sector in development efforts.

Sharm el-Sheikh guide to fair financing

The Minister of International Cooperation spoke about the "Sharm El-Sheikh Guide to Fair Financing", which was launched during the United Nations Climate Conference COP27, in cooperation with all relevant parties, not only governments, but also the private sector, multilateral and bilateral development partners, investment and commercial banks, and non-profit organizations, from In order to establish principles and mechanisms to stimulate fair climate financing and enhance the ability of developing countries and emerging economies to achieve their climate ambitions and transition to a green economy.

Green financing

Al-Mashat added that through cooperation with the banking sector represented by the Federation of Banks and the Institute of Banking, these principles and mechanisms can be disseminated among bankers and workers in the banking sector, in light of the global interest in green finance and the importance of the transformation of financial institutions towards sustainability.

It is worth noting that the Ministry of International Cooperation concluded soft development financing agreements during 2020 at a value of $9.8 billion, including $3.5 billion for the private sector.

During the year 2021, soft development funds amounting to $10.2 billion were agreed upon, including $1.5 billion for the private sector, in light of the efforts made through state partnerships to support the country's development vision in line with the UN goals for sustainable development.