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58th AfDB annual meetings to kick off Monday in Sharm El-Sheikh

The 58th Annual Meetings of the Board of Governors of the African Development Bank (AfDB) kick off today in Egypt.
22.05.23 | Source: Ahram Online

The meetings' theme will be centred around encouraging the private sector to fund climate-friendly and green projects in Africa, according to the AfDB.

A dialogue will be organized on the global financial architecture and the role of multilateral development banks in development.

Other events are scheduled to discuss innovative financial solutions to boost private climate investments in Africa and achieve sustainable development in the continent.

AfDB's acting Chief Economist And Vice-President Kevin Urama announced that Africa needs up to $145.5 billion a year until 2030 to close its annual climate finance gap.

Egypt's role

Egypt has taken a pivotal role in supporting African efforts to tackle climate change and secure green funding.

The county introduced seven initiatives to address climate change and push for energy transition in the continent at the 27th UN Climate Change Conference (COP27), which was held last November in Sharm El-Sheikh.

The COP27 saw the signing of a loss and damage fund to help vulnerable countries hit hard by climate disasters.

Egypt is committed to reducing emissions by 33 percent in the electricity sector, 65 percent in the oil and gas sector, and seven percent in the transportation sector by 2030, through increasing its dependency on renewable energy to 42 percent, UN Climate Promise data shows.