EBRD extends $ 21.3 m loan to Red Sea wind energy farm in Egypt
The European Bank for Reconstruction and Development (EBRD) is supporting the development and sustainability of ...
Key messages of President Sisi at BRICS to attain SDGs, combat climate change
- Sisi to BRICS: MDBs to provide developing nations with concessional financing, especially climate finance
- Development financing gap of about $4 trillion in developing countries
- Cooperation among BRICS member state to address the negative repercussions of climate change
President Abdel Fattah El Sisi delivered key messages during the BRICS and BRICS Plus meetings on means of attaining the Sustainable Development Goals (SDGs) and combating climate change.
“It is crucial to leverage multilateral development banks (MDBs) to provide developing nations with greater access to concessional financing, notably climate finance. In this regard, we shall underscore the key role of the New Development Bank (NDB) and the “Asian Infrastructure Investment Bank” (AIIB) in offering the crucial concessional financing to enable developing countries to undertake development projects in multiple sectors,” the president underlined.
“I would also like to note that Egypt hosted last June the first international forum of the New Development Bank, which aims to introduce the bank’s operations and the support it provides to the public and private sectors, and discuss prospects for future cooperation among the BRICS member states.”
“This is in light of our belief in the important role played by the New Development Bank in providing soft financing to support the implementation of development projects in developing countries, especially in the sectors of transportation, clean energy, digital infrastructure, and urban development,” he added.
“The expansion of BRICS membership at the beginning of this year reflects the intention of the bloc countries to enhance multilateral cooperation and uphold the voice and interests of developing countries at various international and regional forums. From this standpoint, Egypt affirms its support for enhancing consultation and coordination among BRICS countries and intensifying cooperation to confront common international challenges, especially climate change, access to concessional financing, food security, mounting rates of poverty and hunger, and the widening digital and knowledge gap,” he said.
“Egypt also stresses the importance of advancing cooperation frameworks in the field of financial settlements in local currencies, and investing in the comparative advantages of the bloc’s countries to launch joint economic, investment and development projects, especially in the fields of agriculture, industry, digital transformation, and new and renewable energy. This is in addition to our support for the important role of the BRICS Business Council and the BRICS Women’s Business Alliance in intensifying cooperation between the private sector and business owners in the member states, as they are key partners in efforts to achieve sustainable development,” the president added.
The President outlined Egypt’s priorities in this regard, which focus on the importance of fostering closer joint cooperation to develop innovative and effective mechanisms for development financing, such as debt-for-climate swaps. This is in addition to levering the existing financing mechanisms, in light of the growing development financing gap of approximately $4 trillion in developing countries.
Sisi called for concrete and effective actions to reform the global financial structure, including international financial institutions and multilateral development banks (MDBs), to boost their responsiveness to the actual needs of developing countries.
The President also stressed the need to cultivate closer cooperation among BRICS member state to address the negative repercussions of climate change.
Sisi also called for strengthening and expanding cultural engagement and cooperation among the peoples of BRICS member states.
The president concluded “ I would like to once again affirm Egypt’s adherence to the principles and axes of action of the BRICS bloc, and its keenness to enhance cooperation among its countries in a way that contributes to maximizing its role in establishing security and stability, increasing global economic growth, and achieving the Sustainable Development Goals (SDGs).”
اترك تعليقا