Climate Exposed Nations Need More Affordable Finance, Egypt’s Maait Says
Egypt’s finance minister says multilateral development banks need to help provide solutions for emerging markets struggling with debt and the climate crisis.
Mohamed Ahmed Maait, Egypt's finance minister, following an interview in Sharm El-Sheikh, Egypt, on Sunday, Nov. 6, 2022.
Photographer: Islam Safwat/BloombergA world hit with inflation, rising debts and growing climate impacts needs development banks to step up, said Mohamed Maait, Egypt’s finance minister. “More financing at a reasonable cost and on reasonable terms,” Maait said, would count as a success at COP27.
Wednesday is the “Finance Day” in Sharm El-Sheikh, Egypt where the discussion will be focused on the needs of developing countries, especially those in Africa. The Egyptian presidency want this year’s United Nations-sponsored climate conference to turn the many promises that countries and companies have made into real actions.