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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
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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.

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In Besieged Sudan’s El-Fasher, Neighbors Improvise First Aid for Wounded

FILE - A Sudanese evacuee carries her son as they leave the USNS Brunswick at Jeddah Port, Saudi Arabia, May 4, 2023. (AP Photo/Amr Nabil, File)
FILE - A Sudanese evacuee carries her son as they leave the USNS Brunswick at Jeddah Port, Saudi Arabia, May 4, 2023. (AP Photo/Amr Nabil, File)
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In Besieged Sudan’s El-Fasher, Neighbors Improvise First Aid for Wounded

FILE - A Sudanese evacuee carries her son as they leave the USNS Brunswick at Jeddah Port, Saudi Arabia, May 4, 2023. (AP Photo/Amr Nabil, File)
FILE - A Sudanese evacuee carries her son as they leave the USNS Brunswick at Jeddah Port, Saudi Arabia, May 4, 2023. (AP Photo/Amr Nabil, File)

For a week, eight-year-old Mohamed has suffered the pain of shrapnel stuck in his arm. But he is one of the lucky ones in Sudan’s western city El-Fasher, which is under paramilitary attack.
“One of our neighbors used to be a nurse. She helped us stop the bleeding,” Mohamed’s father, Issa Said, 27, told AFP via satellite connection under a total communications blackout.
Like an estimated one million more people trapped in the city under a year-long siege by the paramilitary Rapid Support Forces (RSF), Said cannot get to a hospital for emergency care.
With only the most meagre supplies remaining in El-Fasher, his family is among those whose only medical help has come from neighbors and family members who improvise.

In its quest to seize the North Darfur state capital — the only major Darfur city it has not conquered during two years of war with Sudan’s army — the RSF has launched attack after attack, which have been repelled by army and allied forces.

Even if people were to brave the streets, the Saudi Hospital is the only partially functioning one now, according to a medical source there, and even that has come under repeated attack.
Mohamed, an aid coordinator who fled to El-Fasher after getting shot in the thigh during an RSF attack days ago on the nearby famine-hit Zamzam displacement camp, estimates hundreds of injured civilians are trapped in the city.
According to aid sources, hundreds of thousands have fled Zamzam for the city, which is already on the brink of mass starvation according to a UN-backed assessment.
Yet the people of El-Fasher have “opened their homes to the wounded,” Mohamed told AFP, requesting to be identified by his first name for safety.
“If you have the money, you send someone to buy clean gauze or painkillers if they can find any, but you have to make do with what you have,” said Mohamed, whose leg wound meant he had to be carried the 15 kilometers from Zamzam to the city, a journey that took hours.

In crowded living rooms and kitchens, civilians with barely any medical training cobble together emergency first aid, using household items and local medicinal plants to treat burns, gunshot wounds and shrapnel injuries.
Another victim, Mohamed Abakar, 29, said he was fetching water for his family when a bullet pierced his leg.
The limb immediately broke underneath him, and a neighbor dragged him into his home, fashioning him a splint out of a few pieces of wood and cloth.
“Even if it heals my broken leg, the bullet is still inside,” Abakar told AFP, also by satellite link.

By Monday, the RSF’s recent attacks on El-Fasher and surrounding displacement camps had killed more than 400 people, according to the UN.
At least 825,000 children are trapped in “hell on Earth” in the city and its environs, the UN children’s agency UNICEF has warned.
The people of El-Fasher have suffered a year of RSF siege in a city the Sudanese military has also bombed from the air.
Residents have taken to hiding from the shelling in makeshift bunkers, which are often just hastily dug holes topped with bags of sand.

But not everyone makes it in time.

On Wednesday, a shell broke through Hanaa Hamad’s home, shrapnel tearing apart her husband’s abdomen before they could scramble to safety.
“A neighbor and I treated him as best we could. We disinfected the wound with table salt and we managed to stop the bleeding,” the 34-year-old mother of four told AFP.

But by morning, he had succumbed to his injuries, too severe for his wife and neighbor to handle.