CAIRO - 31 August 2022: The second edition of the Egypt - International Cooperation Forum (Egypt - ICF) will be held at the New Administrative Capital from September 7 to 9.
The forum comes 60 days ahead of the COP27 and under the Patronage of President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt.
The forum is organized by the Ministry of International Cooperation, in partnership with the Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Environment, with the United Nations Economic Commission for Africa as the co-convener.
The Minister of International Cooperation Rania A. Al-Mashat said the 2nd edition of the Egypt - ICF is of particular importance, as it will be launched ahead of COP27, and will include a meeting of African Ministers of Finance, Economy, and Environment to discuss unifying messages and visions to mobilize efforts in preparation of “Finance Day”. Al-Mashat explained that the forum discusses a variety of urgent development issues, including stimulating innovative and blended finance mechanisms to finance projects, and to increase private sector participation, as we move from “pledges to implementation”.
The Minister explained that the forum will highlight the country’s national efforts in achieving development, closely linked to climate action, including the discussions on the implementation of green projects, what has already been achieved in Egypt across sectors, preparations ahead of COP27, and the launch of the NWFE Program, within the framework of the National Climate Change Strategy 2050.
The activities of the Egypt-ICF’s second edition will include panels, workshops, roundtables and trainings in which relevant entities will be participating.
The objectives of the Egypt -ICF are in line with the main COP27 objectives, which include going from pledges to implementation on a global level. In this regard, the forum puts forth 2 main themes: the mobilization of finance and access to finance, financing mitigation and adaptation projects, and national actions.
The importance of these goals stem from the need to support developing and emerging economies, especially in Africa, in climate action and in the green transition. According to the Climate Policy Initiative, the available climate finance globally in 2019/2020 amounts to $632 billion, which is much less than the required $4.13 trillion. To that end, the Egypt - ICF aims to strengthen international efforts to bridge financing gaps when it comes to climate change on the African continent.
The second edition of the Egypt - ICF will include the participation of many multilateral and bilateral development partners, IFIs, private sector, civil society, and academica. Among the participants is Amina J. Mohamed, the Deputy Secretary-General of the UN and Chair of the United Nations Sustainable Development Group; Mark Carney, the Co-Chair of GFANZ and UN Special Envoy on Climate Action and Finance; John Kerry, the U.S. Special Presidential Envoy for Climate; Odile Renaud-Basso, President of the European Bank for Reconstruction and Development; along with many other representatives and heads of IFIs and MDBs.
Moreover, many African ministers will also be participating including: Barbara Creecy, the South African Minister of Environment, Forestry and Fisheries; Hon. Zainab Shamsuna Ahmed, Nigeria’s Minister of Finance, Budget and National Planning; Alamine Ousmane Mey, Cameroon’s Minister of Economy, Planning and Regional Development; Dier Tong Ngor, South Sudan’s Minister of Finance and Economic Planning; Hon. Dennis K. Vandi, Sierra Leone’s Minister of Finance; Arlette Soudan-Nonault, Congo’s Minister of the Environment and Sustainable Development; Francisca Eneme Efua, Equatorial Guinea’s Minister of Agriculture, Livestock, Forests and Environment; and Seglaro Abdel Some, Burkina Faso’s Minister of Economy, Finance and Prospective.
The Egypt - ICF 2nd edition is done in partnership with the African Export–Import Bank, African Development Bank, the World Bank Group, the Climate Investment Funds, the Arab Bank for Economic Development in Africa, International Islamic Trade Finance Corporation, the International Finance Corporation, Banque Misr, and the National Bank of Egypt.
It is worth noting that the 1st edition of the Egypt - ICF was held last year and witnessed the participation of 1500 representatives of governments in Africa, Europe and Latin America, multilateral and bilateral development partners, the private sector, and civil society.
The 1st edition’s forum’s concluding recommendations include multilateral cooperation, strengthening South-South and Triangular cooperation, mechanisms for advancing the sustainable development agenda, stimulating private sector, and the transition towards climate action.