Int'l financial institutions should assume bigger role

The international community and financial institutions should assume a bigger role in funding mega infrastructure projects through soft loans and blended and innovative financing, Minister of International Cooperation Rania el-Mashat said Friday.

Egypt has made great strides in the transport infrastructure to be a smart, sustainable, and supportive sector of climate action as Egypt transforms towards green economy, Mashat said during a panel discussion as part of the annual meetings of the World Bank Group and the International Monetary Fund.

Not only did Egypt implement reforms and mega projects to overcome the repercussions of Covid, but also began a strong economic reform program before the pandemic and executed huge national projects afterwards. All this contributed to stability and economic growth during the pandemic, she added during the discussion titled “Transforming to low-carbon transport… sustainable, smart and supportive of climate action.”

Egypt 2030 vision strives to reduce air pollutants and harmful emissions by 50 percent by transforming transport into a smart, sustainable sector, as well as enhancing roads and means of transportation to give impetus to electric vehicles. The projects include the high-speed electric train that connects Egyptian governorates to the new urban communities and industrial areas, as well as the monorail that connects 6th of October City to the Administrative Capital, Mashat said.