Cairo: Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat recently convened with Mr. Mokhtar Abul Ata from Infinity Power and Mr. Eli Aluko from AFC Asset Management to discuss joint efforts aimed at advancing green transformation and sustainable infrastructure development in Egypt.

According to State Information Service Egypt, the meeting focused on the Climate Resilient Infrastructure Fund, a collaborative initiative by the Africa Finance Corporation and the Green Climate Fund. This fund is designed to implement sustainable infrastructure projects while aligning with development and climate action priorities, particularly in the energy and transportation sectors.

During the meeting, officials from the Africa Finance Corporation and Infinity Power detailed the fund's financing structure, highlighting recent efforts to secure concessional financing and technical support for beneficiary countries. They emphasized the fund's role in empowering private sector companies to contribute to climate-resilient infrastructure projects.

Minister Al-Mashat reiterated Egypt's commitment to strengthening partnerships with international institutions and climate investment funds to increase financing for sustainable infrastructure projects. She also emphasized the importance of expanding private sector involvement in development initiatives.

Dr. Al-Mashat noted the Ministry's coordination with national entities and development partners to implement these strategies, highlighting Egypt's selection as one of seven countries to benefit from the Climate Investment Fund program. This initiative, valued at $1 billion, aims to reduce emissions in the industrial sector of developing countries.

The minister explained that Egypt's selection for the Climate Investment Fund program underscores international confidence in the country's national strategies and efforts to boost climate action. She described it as a significant step towards enhancing the competitiveness of the Egyptian economy and attracting climate investments.

Rania Al-Mashat instructed technical sectors to enhance communication with AFC and Infinity officials to explore the details of the new fund and identify steps to maximize the Egyptian private sector's access to available financing.