African Nations Call for Greater Climate Finance and Private Sector Involvement at World Bank Spring Meetings

During a meeting with the African Governors and Ajay Banga, President of the World Bank Group, at the IMF and World Bank spring meetings in Washington, discussions focused on various pressing issues including public debt, energy project financing, private sector involvement, climate financing, and enhancing resources for the International Development Association.

Rania Al-Mashat, Minister of International Cooperation in Egypt, emphasized the need for the Bank’s involvement in advancing development in Africa and highlighted the challenges faced by developing countries. She also stressed the importance of climate finance for Africa and urged the Bank to explore innovative tools through the Private Sector Investments Laboratory to help countries mobilize more climate finance.

In her speech, Al-Mashat welcomed the establishment of the Loss and Damage Fund and called for its swift operation to provide technical assistance to countries in assessing and addressing climate risks. She also encouraged the Bank to increase the share of adaptation financing to 70% by 2030 and to leverage private sector financing for mitigation activities.

The Minister acknowledged the Bank’s efforts in doubling financing for renewable energy and expressed readiness to discuss policies to attract more private financing in this sector. She emphasized that African countries have requested approximately $277 billion in climate financing from the World Bank Group. Al-Mashat urged stronger collaboration between African governments and the Bank to address urgent climate challenges faced by