Egypt to Mobilize Funding ‘Green Banks’ Ahead of COP 27 Summit

Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy
Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy
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Egypt to Mobilize Funding ‘Green Banks’ Ahead of COP 27 Summit

Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy
Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy

Egypt has intensified efforts to mobilize financing for "green banks," in preparation for the COP27 Climate Summit, which it will host in Sharm el-Sheikh in late 2022.

Minister of International Cooperation Rania al-Mashat said that innovative financing tools are a catalyst to ensure that the international community’s commitments made at COP26 in Glasgow are implemented ahead of the next summit.

Mashat underscored the importance of bolstering multilateral cooperation to advance the main areas of action to achieve the green transition, namely, mitigation and adaptation projects to climate change, technology transfer, expertise and financing.

She made her remarks at the opening speech at the Green Banks Event “A Green Finance Facilities Ecosystem: A Three Trillion Dollars Opportunity for Africa,” which is organized by the African Development Bank as part of the Middle East and North Africa Climate Week 2022, held in Dubai, UAE.

The minister pointed to Egypt’s steps to advance national efforts and enhance regional and international action to consolidate the climate concepts, preserve the environment, and implement clear and ambitious plans for climate financing through an international framework for innovative financing.

She underlined the international financial institutions’ need to expand climate finance based on various pillars related to inclusion and justice, to ensure that the whole world, particularly the developing and emerging countries, can benefit from climate financing and green investments.

Mashat said all stakeholders, including women, youth and the private sector, shall participate in developing climate action plans and financing eco-friendly projects through innovative financing solutions, risk reduction tools and blended financing.

She pointed to the successive measures taken by the Egyptian government to promote green investments and push towards a green economy.

These include decisions to increase green public investments from 15% in the current fiscal year to 30% in the next fiscal year, followed by a 50% increase in 2024/2025.

In 2021, Egypt secured the first green financing from international and regional banks worth $1.5 billion, directed to finance eco-friendly projects such as water treatment and desalination plants, solid waste management, canal lining, and seawater desalination.



Israel Carries Out New Raids in Gaza as Netanyahu Visits US 

This picture taken in Khan Younis shows smoke billowing during Israeli military operations in Rafah, in the southern Gaza Strip, on July 24, 2024, amid the ongoing conflict between Israel and the Palestinian group Hamas. (AFP)
This picture taken in Khan Younis shows smoke billowing during Israeli military operations in Rafah, in the southern Gaza Strip, on July 24, 2024, amid the ongoing conflict between Israel and the Palestinian group Hamas. (AFP)
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Israel Carries Out New Raids in Gaza as Netanyahu Visits US 

This picture taken in Khan Younis shows smoke billowing during Israeli military operations in Rafah, in the southern Gaza Strip, on July 24, 2024, amid the ongoing conflict between Israel and the Palestinian group Hamas. (AFP)
This picture taken in Khan Younis shows smoke billowing during Israeli military operations in Rafah, in the southern Gaza Strip, on July 24, 2024, amid the ongoing conflict between Israel and the Palestinian group Hamas. (AFP)

Israeli forces carried out new raids in the Gaza Strip on Wednesday, hours before Prime Minister Benjamin Netanyahu was due to address the US Congress.

The latest Israeli attacks destroyed homes in towns east of Khan Younis in southern Gaza and thousands of people were forced to head west to seek shelter, residents said.

The Palestinian Civil Emergency Service said it had received distress calls from residents trapped in their homes in Bani Suhaila, east of Khan Younis, but were unable to reach the town.

Israel's military, which is trying to eradicate the armed group Hamas after the Oct. 7 attack on Israel, said it had been operating in areas from which fighters had been able to fire rockets into Israel and attack Israeli troops.

Gaza health officials said Israeli military strikes in the past 24 hours had killed at least 55 people, the latest casualties in a war that health authorities in the enclave say has killed more than 39,000 Palestinians.

"Where should we go? Shall we cross into the sea?" said Ghada, who has been displaced with her family six times during the war, said from Hamas City in northwestern Khan Younis.

"We are exhausted, starved, and want the war to end now, now not an hour later. Every day means more families are wiped off the registration book," she told Reuters via a chat app.

Local residents said they had been ordered to head west towards a designated humanitarian area, but that the area was now unsafe.

Israeli forces also carried out airstrikes on several areas of central and northern Gaza Strip, killing and wounding several Palestinians, health officials said.

Residents of Rafah, near the border with Egypt, said Israeli forces had blown up several houses in the west of the city.

PALESTINIANS CRITICISE U.S.

Hamas-led fighters triggered the war on Oct. 7 by storming into southern Israel, killing 1,200 people and taking 250 captives, according to Israeli tallies. Some 120 hostages are still being held though Israel believes one in three are dead.

Some Palestinians who gathered at a hospital in Khan Younis before funerals criticized the United States, Israel's most important international ally, for welcoming Netanyahu.

The Israel leader was due to address Congress later on Wednesday and to meet President Joe Biden at the White House on Thursday. Republican presidential candidate Donald Trump said he would meet Netanyahu in Florida on Friday.

"The United States is a main partner in what is happening in Gaza. We are being killed because of the United States. We are being slaughtered by American planes, American ships, American tanks, and American troops," said Kazem Abu Taha, a displaced resident from Rafah.

A senior Hamas official, Sami Abu Zuhri, told Reuters: "The Congress invitation to Netanyahu to make a speech gives legitimacy to the crimes of the war of genocide in Gaza. Receiving a war criminal is a shame to all Americans."

Israel has rejected accusations brought by South Africa at the UN's top court that its military operation in Gaza is a state-led genocide campaign against Palestinians. It has reacted angrily to a decision by the International Criminal Court's prosecutor to seek an arrest warrant against Netanyahu.

Netanyahu said this week a deal to release Israelis held captive in Gaza could be near. But Hamas officials said Netanyahu was stalling and that they had not seen any change in the Israeli stance that would allow an agreement to be reached.

Hamas wants a ceasefire agreement to end the war in Gaza. Netanyahu says the war cannot end before Hamas is eradicated.