Al-Sisi added in his speech:
The financing needs to deal with climate change in Africa amount to 3,000 billion dollars by 2030. The repercussions of climate change are more negative for developing countries. The challenge is to provide solutions adapted to the needs of the countries of the continent, which realize the difficult equation between the enormous funds necessary to achieve development aspirations on the one hand and to reduce the risks of these funds on the other. I call on multilateral development institutions to reconsider the conditions that allow countries to obtain loans on favorable terms. The problem of climate change is not limited to one country rather than another, but rather an existential question which must come at the top of the strategic priorities. It is estimated that the risks associated with Africa’s drought alone have resulted in losses exceeding $70 billion, in addition to reducing agricultural productivity growth by about 34%. The private sector must be stimulated to provide the financing needed to promote environmentally friendly projects. Egypt attaches great importance to the environmental dimension, since the government published in 2021 the first edition of the Guide to Environmental Sustainability Standards under the name of Strategic Framework for Green Recovery. There is no doubt that the activities of the current edition of the Annual Meetings of the African Development Bank are an excellent opportunity to exchange knowledge and experiences and provide the technical support necessary to deal with the impact of change. climatic.
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