Egypt’s c.bank governor Hassan Abdalla invites global financial institutions to COP27 climate conference

Egypt’s Central Bank Governor Hassan Abdalla has invited all international institutions to attend the 2022 United Nations Climate Change Conference (COP27) taking place in Sharm El-Sheikh next month.

Abdalla made these remarks at the plenary session of the International Monetary Fund (IMF) and the World Bank Group (WBG) Boards of Governors in Washington D.C., he is chairing on the sidelines of the IMF-WBG annual meetings.

Egypt is proudly hosting COP27 this year, which will focus on funding for mitigation and adaptation, including compensation for countries which experience economic losses and damages associated with impacts of climate change, including extreme events, he added.

The Egyptian official explained that international financial institutions, particularly multilateral development banks, could play a key role in lowering carbon emissions and achieving just transition to climate resilience, through increasing allocations for climate finance and expanding their concessional tools for climate-related risks.

The World Bank launched a crisis-response package worth $170 billion that aims to assist member states with building resilience against climate change and future epidemics, Abdalla added.

He further said that the IMF initiated the Resilience and Sustainability Facility (RSF), which targets helping low-income and vulnerable middle-income countries address longer-term challenges, including those related to climate change and pandemic preparedness.