On Monday, the Egyptian city of Sharm El-Sheikh will host the 58th and 49th annual meetings of the AfDB and the African Development Fund’s board of governors respectively for a duration of five days.

The AfDB said that the meetings will focus on promoting the private sector’s role in financing green and climate-friendly projects in Africa.

A discussion will be held on the global financial system and how multilateral development banks can contribute to development.

Other activities will explore creative financial solutions to increase private investments in climate action and sustainable development in Africa.

AfDB’s acting Vice-President and Chief Economist Kevin Urama said that Africa requires up to $145.5 billion annually until 2030 to fill its climate finance gap.

Egypt’s contribution Egypt has played a key role in supporting African initiatives to address climate change and obtain green funding.

The country launched seven initiatives to tackle climate change and promote energy transition in the continent at the 27th UN Climate Change Conference (COP27), which took place last November in Sharm El-Sheikh.

The COP27 witnessed the establishment of a fund for loss and damage to assist vulnerable countries affected by climate disasters.

Egypt has pledged to cut its emissions by 33 percent in the electricity sector, 65 percent in the oil and gas sector, and seven percent in the transportation sector by 2030, by raising its reliance on renewable energy to 42 percent, according to UN Climate Promise data.