In a meeting with Ajay Banga, President of the World Bank Group, African governors discussed important topics such as public debt, financing energy projects, private sector involvement, and climate financing. During the meeting, Rania Al-Mashat, Minister of International Cooperation in Egypt, emphasized the urgent need for climate finance to support African countries in their efforts to mitigate the effects of climate change.
The Minister highlighted the importance of innovative tools to mobilize more climate finance and called on the Bank to explore new ways to increase funding. She also stressed the need for technical assistance to help countries assess climate risks and activate the Loss and Damage Fund. The African Group appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies that would attract more private financing.
Overall, Rania Al-Mashat emphasized the need for the Bank to focus on mitigating the effects of climate change and increasing adaptation financing. She urged them to strengthen their use of private sector financing for mitigation activities and play a crucial role in advancing development on the continent while addressing challenges faced by developing countries.