Written by: Salma El Sakka
The Ministry of Planning and Economic Development is discussing with the World Bank Group mission mechanisms for mobilizing international financing and enhancing partnerships with the private sector to support the green transition, foremost of which is the preparation for the launch of the "Carbon Emissions Reduction Fund in the Industrial Sector" to assist industrial facilities in reducing their carbon footprint.
Details of the Carbon Emissions Reduction Fund
This came during a meeting held by Ahmed Rostom, Minister of Planning and Economic Development, to discuss axes of future cooperation and the status of the joint projects portfolio, in addition to ways of enhancing technical and financial support for sustainable development plans and the transition towards a green economy in Egypt. Rostom emphasized the government's keenness to deepen the partnership with the World Bank as one of the main pillars for supporting economic and structural reform efforts, aiming to develop a more integrated model of cooperation that achieves a balance between fiscal discipline and investment in human development, and supports the provision of new job opportunities by enhancing the role of the private sector.
Axes of Environmental and Climate Cooperation
The World Bank mission reviewed proposed projects in the fields of environmental protection and institutional development. Both sides discussed two main axes of cooperation in the environmental field: the first focuses on reducing air pollution in Greater Cairo by improving the solid waste management system and reducing the burning of agricultural waste, and the second supports the transition to a low-carbon economy and the reduction of emissions. The mission emphasized the strategic importance of developing the blue economy file and water resources in Egypt, and expressed its readiness to provide the necessary technical support and expertise to enhance the sustainable management of coastal areas and marine resources.
Developing the Statistical and Economic System
The meeting discussed cooperation in developing the statistical and economic system through updating national databases and improving the accuracy of indicators, in a way that contributes to increasing the efficiency of the economic and developmental decision-making process, and providing more accurate data to support the formulation of government policies during the next stage.
