Minister of Planning, Economic Development, and International Cooperation Witnesses Graduation of the Second Cohort of the Technical Support Program for Climate Finance Accelerator (CFA) in Collaboration with the United Kingdom
![](https://mped.gov.eg/adminpanel/sharedImages/CFA_cfe.jpg)
29 August 2024
H.E. Dr. Rania A. Al-Mashat, Minister of
Planning, Economic Development, and International Cooperation, witnessed the
graduation ceremony of the second cohort of the Climate Finance Accelerator
(CFA), which includes nine startups operating in diverse sectors such as
agriculture, energy, transportation, industry, waste management, and gender
equality. The program aims to support startups in the fields of energy, water,
and food, and is implemented in collaboration with the British Embassy in Egypt
and the Flat6Labs incubator, as part of the international partnership between
the Arab Republic of Egypt and the United Kingdom. The event was attended by
H.E. Gareth Bayley, the British Ambassador to the Arab Republic of Egypt, and
representatives from various national entities.
In her speech delivered via video conference,
H.E. Dr. Al-Mashat stated that the graduation of a new cohort of the technical
support program of the CFA represents an opportunity to start a new phase of
work to address climate change through the innovative solutions presented by
these nine companies. These projects have received comprehensive support in
terms of financing and advanced technologies, in addition to support related to
gender equality and social inclusion from experts of the program
The Minister of Planning, Economic
Development, and International Cooperation added that empowering startups and
enhancing private sector participation are crucial factors in stimulating
innovation and economic development and accelerating progress towards achieving
sustainable development goals. Effective, inclusive, and accountable governance
is essential to enhance private sector engagement and facilitate a just energy
transition, emphasizing that innovation plays a critical role in addressing
climate change issues.
Minister Al-Mashat affirmed that current
technological advancements aim to significantly contribute to achieving Egypt's
Vision 2030 by providing an environment conducive to innovation and enabling
efficient and successful production, as well as effective dissemination and
marketing of knowledge.
H.E. Dr. Al-Mashat noted that Egypt aspires to
be a major center for innovation and entrepreneurship in the Middle East and
North Africa.
The Minister highlighted the international,
regional, and national consensus on the importance of sustainable management of
ecosystems and natural resources, as demonstrated by Egypt’s commitment as a
party to numerous international agreements related to the environment and
climate change. She mentioned that the Egyptian government has implemented a
significant number of national projects that open avenues for further green
investments with private sector participation. The government is also working
to raise the ambitions of its contributions in line with its commitment to the
Paris Agreement and to provide a practical model for leading international
climate action.
H.E. Dr. Al-Mashat added that Egypt launched
the "Sharm El Sheikh Guidebook for Just Financing" during the COP27
climate conference, aimed at enhancing climate finance by integrating the
concept of fairness through 12 guiding principles. These principles support the
rights of developing countries to develop through just pathways, create an
enabling environment, and integrate just finance across all financial entities,
ensuring that developing countries have access to appropriate climate finance
in terms of quantity and quality, along with cost-bearing capacity.
The Minister emphasized the need to enhance
sustainability efforts through a multilateral approach based on close
partnerships among relevant parties. H.E. Dr. Rania Al-Mashat underscored the
importance of governments formulating policies that stimulate public-private
partnerships and enacting legislation and reforms that promote market
sustainability.
H.E. Dr. Al-Mashat confirmed that the Ministry
is working to coordinate efforts between development partners, various national
stakeholders, and private sector companies to create constructive partnerships
that enhance sustainability and development efforts in Egypt.
The Minister explained that the Ministry’s
strategies are based on three main criteria: inclusion of diverse groups such
as youth and women, promotion of green transformation, and digital
transformation, along with adherence to environmental, social, and governance
standards, which enhance its ability to benefit from concessional financing and
investments provided by international partner institutions in Egypt.
H.E. Dr Al-Mashat also noted that the Ministry is focusing on two main areas: industrial development and human capital development, through public investments made by the government or through collaboration with international financial institutions and development partners, with the goal of establishing a competitive economy that attracts investments, increasing the competitiveness of the Egyptian economy, thereby contributing effectively to the global climate agenda.