During a meeting with Ajay Banga, President of the World Bank Group, African governors discussed important topics such as public debt, financing energy projects, private sector involvement, and climate financing. Rania Al-Mashat, Minister of International Cooperation in Egypt, emphasized the importance of climate finance for Africa and called for the Bank to explore innovative tools to mobilize more climate finance, especially through the Private Sector Investments Laboratory.
The Minister highlighted the urgency of activating the Loss and Damage Fund and providing technical assistance to help countries assess climate risks. The African Group also appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies to attract more private financing.
Al-Mashat stressed the need for the Bank to focus on mitigating the effects of climate change, increase adaptation financing, and strengthen the use of private sector financing for mitigation activities. She emphasized that African countries are seeking about $277 billion in climate financing from the World Bank Group and that investment in renewable energy, support for carbon markets, and assistance for countries in developing and implementing climate action plans are crucial.
Overall, the Minister emphasized that Africa is looking for the Bank to play a crucial role in advancing development on the continent and addressing the challenges faced by developing countries.
