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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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US Determines Sudan's RSF Committed Genocide, Imposes Sanctions on Leader

Sudan's paramilitary Rapid Support Forces commander, General Mohamed Hamdan Dagalo, attends a meeting of representatives of the tripartite mechanism in the Sudanese capital Khartoum on June 8, 2022. (AFP)
Sudan's paramilitary Rapid Support Forces commander, General Mohamed Hamdan Dagalo, attends a meeting of representatives of the tripartite mechanism in the Sudanese capital Khartoum on June 8, 2022. (AFP)
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US Determines Sudan's RSF Committed Genocide, Imposes Sanctions on Leader

Sudan's paramilitary Rapid Support Forces commander, General Mohamed Hamdan Dagalo, attends a meeting of representatives of the tripartite mechanism in the Sudanese capital Khartoum on June 8, 2022. (AFP)
Sudan's paramilitary Rapid Support Forces commander, General Mohamed Hamdan Dagalo, attends a meeting of representatives of the tripartite mechanism in the Sudanese capital Khartoum on June 8, 2022. (AFP)

The United States determined on Tuesday that members of Sudan's Rapid Support Forces (RSF) and allied militias committed genocide in Sudan and it imposed sanctions on the group's leader over a conflict that has killed tens of thousands of people and driven millions from their homes.

The moves deal a blow to the RSF's attempts to burnish its image and assert legitimacy - including by installing a civilian government- as the paramilitary group seeks to expand its territory beyond the roughly half of the country it currently controls.

The RSF rejected the measures.

"America previously punished the great African freedom fighter Nelson Mandela, which was wrong. Today, it is rewarding those who started the war by punishing (RSF leader) General Mohamed Hamdan Dagalo, which is also wrong," said an RSF spokesman when reached for comment.

The war in Sudan has produced waves of ethnically driven violence blamed largely on the RSF. It has also carried out mass looting campaigns across swathes of the country, arbitrarily killing and sexually assaulting civilians in the process.

The RSF denies harming civilians and attributes the activity to rogue actors it says it is trying to control.

US Secretary of State Antony Blinken said in a statement the RSF and aligned militias had continued to direct attacks against civilians, adding they had systematically murdered men and boys on an ethnic basis and had deliberately targeted women and girls from certain ethnic groups for rape and other forms of sexual violence.

The militias have also targeted fleeing civilians and murdered innocent people escaping conflict, Blinken said.

"The United States is committed to holding accountable those responsible for these atrocities," Blinken said.

Washington announced sanctions on the leader of the RSF, Mohamed Hamdan Dagalo, barring him and his family from travelling to the US and freezing any US assets he might hold. Financial institutions and others that engage in certain activity with him also risk being hit with sanctions themselves.

It had previously sanctioned other leaders, as well as army officials, but had not sanctioned Dagalo, known as Hemedti, as attempts to bring the two sides to talks continued.

Such attempts have stalled in recent months.

"As the overall commander of the RSF, Hemedti bears command responsibility for the abhorrent and illegal actions of his forces," the Treasury said.

Sudan's army and RSF have been fighting for almost two years, creating a humanitarian crisis in which UN agencies struggle to deliver relief. More than half of Sudan's population faces hunger, and famine has been declared in several areas.

The war erupted in April 2023 amid a power struggle between the army and RSF ahead of a planned transition to civilian rule.

Blinken said in the statement that "both belligerents bear responsibility for the violence and suffering in Sudan and lack the legitimacy to govern a future peaceful Sudan."

The US has sanctioned army leaders as well as individuals and entities linked to financing its weapons procurement. Last year, Blinken accused the RSF and the army, which has carried out numerous indiscriminate air strikes, of war crimes.