Egyptian Finance Minister Mohamed Maait confirmed that Egypt relies heavily on the support of the United States of America on the climate issue.
During a meeting with Alexia Latortu, Assistant Secretary of the Treasury for International Trade and Development, and Daniel Rubinstein, Acting US Ambassador to Cairo, on the sidelines of their attendance at the Climate Summit in Sharm el-Sheikh, the Egyptian minister explained that Egypt was looking forward to providing needed funding for African countries to limit the negative effects of climate change, especially as the world economy is suffering from a sharp global inflationary wave caused by the coronavirus and the war in Ukraine, which has led to higher prices for basic commodities and fuels as a result of disruption of supplies and supply chains as well as an increase in the cost of financing.
Maite mentioned the strength and depth of the economic relations that unite the two countries in various fields and in which significant progress has been made in recent years.
He also stressed the importance of enhancing the role of global multilateral development banks in providing concessional finance to emerging market and African countries in light of the global economic crisis, especially as the soft green finance available so far still falls short of the big needs. development. African countries.
US President Joe Biden has announced $500 million to help Egypt transition to clean energy in cooperation with the European Union.
During the climate summit, the President of the United States of America pointed out that the world does not need new technologies and digital transformation, but rather the need to conserve forests and grow trees, stressing that large countries should support developing countries in the face of climate change by announcing $ 150 million to support African countries in the fight against climate change.
Source: RT
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