CAIRO - 25 January 2022: Ministry of International Cooperation’s ongoing portfolio includes 85 projects in the field of adaptation to climate change and mitigating its consequences, with a value of $11.9 billion, which supports the country's efforts to implement the thirteenth goal of the sustainable development goals: climate action, according to the Minister Rania Al-Mashat.
Minister of International Cooperation, Rania Al-Mashat added, in a statement, Monday, that the ministry's portfolio includes 30 projects that support the seventh goal of the sustainable development goals, which is clean and affordable energy, with a value of $4.6 billion.
She pointed out that the seventh goal is the third most funded sustainable development goal within the current portfolio of the Ministry of International Cooperation, accounting for 17.5 percent of the total current portfolio of the Ministry of International Cooperation.
Al-Mashat explained that several projects are currently being implemented within the ministry's ongoing portfolio, as 7 power generation projects with a capacity of 8900 megawatts are currently being implemented, including 5 renewable energy plants between wind and solar energy.
She stressed that Egypt is rich in solar energy resources, and the Benban solar energy project is one of the results of the framework of international cooperation and development financing, where more than 13 companies from the private sector and more than 10,000 employees participated in its implementation, and it is expected to save two million tons of harmful emissions every year, equivalent to Emissions of 400,000 cars.
The Minister of International Cooperation indicated that international partnerships play a pivotal role in bridging the climate financing gap, as developed countries promised to provide $100 billion to finance climate action between 2020-2025, while the cost of climate change in Africa is estimated at between $7-15. billion annually.
She stressed that these challenges reinforce the need to develop a framework for innovative financing to support climate action efforts, to reduce the risk of investing in related projects.
She mentioned that the International Finance Corporation financed the bank's first green bond issued by CIB with a value of $100 million in 2021, and the European Bank for Reconstruction and Development and the European Union in cooperation with the Green Climate Fund to provide the remaining 270 million euros in financing to banks to return to new and renewable energy projects and green investments.