Labadi urges more efforts to turn waste in Egypt into resources

08 / 11 / 2021

By Marwa Nassar - -

Country Manager of Egypt, Yemen and Libya at the International Finance Corporation (IFC) Walid Labadi called for exerting more efforts to turn waste in Egypt into resources.

“We need to work together to transform waste from something we throw away into a resource,” he said on Monday during the 11^th Corporate Social Responsibility Forum (CSR Forum) which is held under the theme of “Sustainability from Adoption to Localization… the Path to Recovery”.

Labadi also noted that the CIB’s issuance of the first green bond in Egypt was very exciting, mobilizing interests of investors and sustainable financing.

Labadi noted that the IFC worked with the Central Bank of Egypt to launch the initiative of 30by 30.

As for the water domain, he said the Egyptian private sector’s investment in the water sector is very important.

IFC is a sister organization of the World Bank and the largest global development institution focused on the private sector. It invests in all sectors, he said, referring to its contribution to Egypt’s Benban solar plant.

He also highlighted the IFC’s contribution to the efforts being exerted to achieve energy efficiency.

“A decade ago, the World Bank decided to push to have 25 percent of our lending in sustainable finance,” he said, noting that this change comes because of leadership.

The leaders have changed the direction of the world and made sustainable financing important, he added, citing what happened in the United Nations Climate Action Conference (COP26).