On 23 July 2024, the Government of Egypt, in collaboration with FSDO, hosted a Side Event at the First Session of the Preparatory Committee for the 4th International Conference on Financing for Development, focusing on advancing climate-resilient development through equitable financing. Key speakers included Egypt's Minister of Planning, Economic Development and International Cooperation, representatives from Citi and Scatec, and senior officials from multilateral development banks like AFC, ADB, and EBRD. The session highlighted that current development financing is inadequate and underscored the urgent need for new strategies to address the socio-economic challenges of this century. Emphasizing South-South cooperation, the Government of Egypt stressed leveraging knowledge from climate-impacted countries. Private sector representatives pointed out the need to mitigate business risks in development projects, while MDBs called for increased private investment, particularly in underserved areas. Upcoming events such as COP29, DCF, and FfD4 were identified as opportunities to enhance climate financing strategies.
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