Egypt's Minister of International Cooperation Rania al-Mashat said that climate action had become a top concern for world governments and the international community due to its paramount importance on livelihoods and life.
Mashat stated the repercussions of climate change on the economic, social, and environmental aspects, noting that climate action became crucial while the world was trying to recover from the pandemic.
The Minister participated via videoconferencing in the climate financing summit in Munich, Germany.
The summit included government officials and the private sector on the sidelines of the G7 meeting. It discussed strategies and funding for sustainable transport in major cities.
The Minister explained that Egypt is cooperating, through its presidency of UN's COP27, with all international and regional institutions, multilateral development banks, and the private sector to transform pledges into realistic measures and projects.
She explained that Cairo is exploring innovative models to finance climate-related projects through blended financing or other financial initiatives and instruments capable of mitigating the risks of investing in green projects and mobilizing more capital flows.
Mashat discussed the transport sector in Egypt, which comes at the top of the state's priorities, as public transport in Cairo alone serves about six million citizens daily.
Egypt wants to transform into a sustainable transport sector with low emissions and has taken several steps to develop the transport infrastructure into smart, sustainable, and environmentally friendly.
The Ministry of International Cooperation is working to provide development funds and technical support from multilateral and bilateral development partners to develop the transport sector.
Over the past two years, the Ministry received $2.4 billion to support the sustainable transportation sector from the European Investment Bank, the French Development Agency, the European Bank for Reconstruction and Development, China, and the Kuwait Fund for Arab Economic Development.
Mashat added that these funds promote sustainable infrastructure, support Cairo's vision of transforming into a global trade center by strengthening transportation and port infrastructure, and link Egypt to an advanced transportation network that enhances the movement of citizens and goods and stimulates investments.
She stated that the government has already started taking steps to expand environmentally friendly mass transportation in major cities.
In partnership with the World Bank, Egypt is developing the largest electric bus pilot project in Africa. It is being implemented in Cairo by providing 100 electric buses.
She touched on the state's plans to develop and increase the Greater Cairo metro lines to provide more efficient and environmentally friendly transportation and reduce road congestion.
The Minister stressed that these projects are carried out through solid partnerships with the private sector and multilateral and bilateral development partners.
She reiterated the private sector's vital role in increasing development efforts and supporting the sustainable development strategy, explaining that Egypt continues to support the private sector as a significant stimulus for inclusive and sustainable economic growth.
In light of its presidency of COP27 and the launch of the National Climate Change Strategy 2050, Egypt seeks to boost its relations with all relevant parties to advance its transformation into a green economy and ensure sustainable development.