Egypt-ICF focuses on mobilizing finance for climate action in Africa

06 / 09 / 2022

By Marwa Nassar - -

The second Egypt- International Cooperation Forum (Egypt-ICF) – due to open on Wednesday – will focus on mobilizing finance for climate action, adaptation and mitigation in Africa.

The Egypt-ICF – to be held under the auspices of President Abdel Fattah El Sisi – will concentrate in its discussion on three main thematic areas.

The forum will address mobilization of and access to finance through focusing on innovative tools to mobilize financing and catalyze private sector investments; especially in developing countries and Africa.

The second theme is financing climate action, mitigation and adaptation. The forum addresses the needs, resources and modalities to leverage the necessary public and private support to accelerate climate action.

The third theme is national actions. The forum provides a timely platform to explore needed national actions that would help progress towards a just and green transition.

As president of the United Nations Climate Change Conference (COP27), Egypt is committed to deliver results that support African countries in mobilizing climate finance, fostering a just and green transition.

The forum puts Africa’s climate story in the spotlight with the next step is to reshape the climate agenda.

The Egypt-ICF underpins more effective collaboration, which goes beyond just finance, but also supports technology facilitation and capacity building.

The Egypt-ICF is organized by the Ministry of International Cooperation in partnership with the Ministries of Foreign Affairs, Finance and Environment as well as the Economic Commission for Africa.

The forum’s partners include the African Export Import Bank (Afreximbank), African Development Bank Group, World Bank, Climate Investment Funds, Arab Bank for Economic Development in Africa (BADEA), International Islamic Trade Finance Corporation (ITFC), International Finance Corporation (IFC), European Investment Bank, Banque Misr , and National Bank of Egypt .

The event will witness high-level participation of heads of international and regional financing institutions as well as United Nations officials to urge the international community to deepen its partnership with Africa to forge a common path.

Egypt is capitalizing on its rich history of international cooperation to strengthen solidarity and cooperation between Africa and the world and continue to promote the building of a global community with a shared future.

The second edition of the Egypt-ICF Forum is held ahead of the United Nations Climate Change Conference (COP27) under the theme of moving from pledges to implementation. The overall objective of the event is to ensure coherence of African climate finance positions with needs, prioritize actions that can be led by African countries with targeted support to increase climate finance available for implementation, and showcase successful development practices and champion new initiatives and actionable policies on climate mitigation and adaptation.