Egypt c.bank governor urges financial innovation for better climate adaptation in Africa

Egyptian central bank governor Hassan Abdalla has called on Tuesday for further innovative financing mechanisms to deal with the impact of climate change in Africa.

Speaking at the African Development Bank’s (AfDB) Annual Meetings taking place in Sharm El-Sheikh on May 22-26, Abdalla said this year’s meetings are held during a period of global and regional economic uncertainty.

The world economy is facing a slowdown in global growth, rising inflation, magnifying by geopolitical tensions, tightening global financial conditions, and the rising risk of debt distress in a large number of countries.

These challenging times highlight the importance of the AfDB’s meetings in delivering real and executable will opportunities for change to discuss ways and means, on how to expand the private sector’s role and strengthen the collaboration, added Abdalla.