Cairo – Mubasher: Climate investments in Africa have reached more than $11 billion, of which the private sector contributes not more than 3%, said COP27 Climate Champion, IMF Executive Director and UN Special Envoy on Financing the 2030 Agenda, Mahmoud Mohieldin, during the fourth annual economic conference of Hapi Journal.
Mohieldin noted that the private sector should be granted incentives and get introduced to investment opportunities worldwide, highlighting that it can play a crucial role in combating climate change.
The private sector, according to Mohieldin, can manage risks and reduce the reliance of developing countries on financing resources that are based on internal or external borrowing.
Noteworthy to highlight, Egypt's Minister of Planning, Hala El-said, revealed earlier today during the conference that the first group of initial public offerings (IPOs) fund will be completed within a few weeks at a value of $3 billion.
El-Said further added that the country targets another $3 billion from offering the second group next year, noting that investments of the private sector represent 55% of Egypt’s economy.
