Minister of Finance.. At the opening of the “Net Zero Emissions” Summit in London, Egypt is witnessing the launch of an alliance to increase the financial space available to developing countries for climate finance, next September

Fathi Al-Sayeh

Creating sufficient financial space for developing and African countries to invest in green projects

Intertwined global crises have imposed huge financing burdens on emerging economies

Support must be provided to developing countries to support adaptation efforts With climate changes

the Egyptian economy is operating under unprecedented pressures.. and the bet is on investment

Priority for agricultural and industrial production, expansion of exports and stimulation of green projects

Incentive to encourage green hydrogen production by up to 55% of taxes due

An incentive of up to 35% of the production cost of each domestic electric car

We have invested heavily in infrastructure over the past 8 years years.. to meet the needs of economic activities

Dr. Mohamed Maait, Minister of Finance, confirmed that Egypt will witness the launch of an alliance next September It aims to increase the financial space available to developing countries to finance activities to confront climate change. This is an Egyptian initiative that was put forward during the “Financing Day” organized by the Ministry of Finance on the sidelines of the previous “Climate Summit” in Sharm El-Sheikh, explaining that there are many countries inside and outside Africa. Regional and international organizations and institutions have confirmed their desire to join this Egyptian initiative. In a way that contributes to promoting green growth in developing countries, by creating sufficient financial space for developing and African countries to invest in green projects, by providing soft financing opportunities that take into account the consequences of the global economic crisis that began with the outbreak of the Corona pandemic and then the war in Europe, in addition to the severity of the negative effects of global warming. Thermal and climate change, which impose huge financing burdens on emerging economies, in light of the high global inflation rates as well as the high financing costs.20230524
At the opening of the “Net Zero Emissions” summit in London, the minister said that we look forward to a broad global participation in the Egyptian initiative to advance climate action efforts, recognizing the need to support the efforts of developing countries in dealing with the consequences of climate change; In a way that contributes to alleviating financing pressures on emerging economies, in light of the current global economic crisis.20230524 The minister added that the Egyptian economy is working under unprecedented pressures as a result of the global crises that have affected it, such as various countries of the world, especially emerging markets, and it is still dealing with these external and internal challenges with a balanced methodology, based on an integrated package of procedures and measures that support the business environment. Stimulating domestic and foreign investments, prioritizing agricultural and industrial production, expanding exports, and stimulating green projects, pointing out that we have invested heavily in infrastructure over the past 8 years, to meet the needs of investment expansions in various economic activities; In a way that helps enable the private sector to lead the development locomotive and provide job opportunities; In a way that contributes to improving the standard of living of citizens, and upgrading the services provided to them, without burdening the state’s general budget with additional burdens in light of the external shocks the Egyptian economy is facing due to the slowdown in the global economy. ))2023 The minister explained that the government has put forward many incentives to support the transition to a green economy, within the framework of its interest in promising sectors of regional and global priority. There is an incentive to encourage green hydrogen production by ranging from 33% to 55% of taxes due, and another incentive of up to 35% of the cost of producing each electric vehicle locally; In a way that contributes to attracting more environmentally friendly private investments.