COP27 host Egypt aims to share climate finance model

COP27 host Egypt has secured nearly $10 billion in funding in ways it hopes can provide a template for other developing nations to obtain climate-related finance, its international cooperation minister said.
Finance is one of the most contentious issues at climate negotiations as poorer countries demand rich nations pay a larger share of the cost of dealing with a warmer planet.
Over the next year, when Egypt will retain the presidency of the United Nations climate talks until COP28 in the United Arab Emirates, International Cooperation Minister Rania al-Mashat said Egypt was keen to share what it has learnt.
“We will be ready to exchange experience and discuss with them what is it that we can do to replicate this in other countries,” she said, referring to climate funding.
The funding includes grants, concessional finance and a 100 million euro ($103.82 million) debt swap from Germany and covers development projects ranging across energy, food security, water, transport and the environment.