Sir Tony Blair

November 1, 2022

“The number one priority of the [18] African presidents my institute supports is investment. Much of this is climate related: from the renewable energy systems that will power the continents growth and industrialisation to the investments in irrigation and cold storage communities need to make to halt growing food insecurity. At around a quarter of a trillion dollars per year, these investment needs are vast and largely unmet. My institute engages with African Governments and Global investors and it is a tragic paradox that despite there being no lack of institutional finance looking for long term investments, very little is being channelled into Africa where the needs are highest.
Egypt’s “Guidebook for Just Financing” is an important and practical tool to addressing this issue. It takes a system wide view of a complex topic and shines a light on the issues that need to be addressed to get finance flowing to where it is most needed. Beyond this, it provides clarity on what is expected from each of the actors involved in developing and financing projects on the continent: from the work governments need to undertake in preparing bankable projects and creating a secure, transparent environment for investment to the role development finance institutions and philanthropists can play in catalysing and de-risking.
Egypt’s NWFE initiative (Nexus of Water Food and Energy) puts these principles into practice and is a powerful example of the work Governments need to do: linking a vision to strategy, policy and then the global outreach to finance a home grown climate transition plan. I would urge governments and financiers to read the guidebook and reflect on where they can do more to address an issue that is as crucial for Africa’s development as it is for the planet.”

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