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 by President Sisi at Paris Summit
President Abdel Fattah El Sisi has delivered several key messages at the Paris Summit for a New Global Financing Pact for overhauling the international financing system in order to be able to confront the consecutive crises facing the world, address climate change and proceed with attaining the Sustainable Development Goals (SDGs).
During the summit, Sisi called for taking swift international decisions to avoid debt crisis and upgrading policies of multilateral development banks (MDBs) to be able to play a larger role in catering for the needs of developing countries within the framework of combating climate change.
He urged developing comprehensive and sustainable mechanisms for addressing debts of low and middle-income countries and expanding debt-for-nature swaps.
Sisi said green growth and sustainable development can be pursued simultaneously, stressing that financing is the key factor for realizing sustainable development.
Sisi accentuated that Egypt and other developing countries are financing economic development under new paradigms aiming at confronting the challenges of climate change and achieving green growth.
The president highlighted “We as developing nations have not caused the problems of climate change but we are the most affected by them.”
Sisi said the summit is held at a watershed stage as the world is hit by consecutive crises almost over the past three years.
These crises increased burdens on developing countries which are economically fragile, he expounded, noting that the international financial system witnessed major developments over the past 70 years.
He said the world needs to upgrade its financial system to confront current challenges.
The president called for adopting a comprehensive approach prioritizing fair and sustainable financing of the development process in addition to addressing relevant challenges.
As the chairperson of the African Union (AU) in 2019-2020, Sisi proposed that each developed state pay its share of the $100-billion climate finance to its companies to develop the necessary infrastructure in Africa.
Sisi added that developed and rich countries that have technology and knowledge have a responsibility towards other countries that do not have.
Sisi noted, however, that developing countries must also take responsibility for achieving their goals by having the necessary ideas and preparedness to act effectively.
He said Egypt’s hosting of the 27th United Nations Climate Change Conference last year was meant to turn ambitions and pledges into reality, thus supporting just transition to realize green growth and attain the Sustainable Development Goals in light of national priorities of each country.
Within this context, the president noted that Egypt launched in 2016 an economic reform program to face up economic challenges and realize progress.
He noted that Egypt’s vision for achieving growth is based on providing job opportunities and decent living through a fair transformation of production patterns.
Egypt achieved a growth rate of 6 percent in the years before the crisis triggered by the pandemic and the onset of Russian-Ukrainian conflict.
The president highlighted that the world has acted decisively when it came to dealing with coronavirus and the Ukraine crisis implications.
Therefore, the president hoped that this summit would come up with several recommendations, topped by the importance of unity among all players, especially financing institutions, in order to realize the sustainable development goals in developing countries.
He added that the recommendations must incentivize the implementation of SDGs.
The president stressed that the danger of climate change is obvious, and “we must take measures that enable us to act efficiently.”
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