Press Conference On Uk’s $2 BN Room2Run Guarantee Project Holds In Egypt

Posted by Eric Ojo Featured, Latest Headlines, News Across Nigeria, News Around Africa, South Africa, Southern Africa Wednesday, May 24th, 2023

(AFRICAN EXAMINER) – A press conference to formally announce support for the first projects under the $2 billion Room2Run Guarantee project facilitated by the United Kingdom (UK) will hold today (Thursday) in Egypt.

The conference is being jointly organized by Egypt’s Minister of International Cooperation, Dr. Rania Al Mashat, the UK Minister for Development and Africa, Andrew Mitchell and African Development Bank (AfDB) Group Senior Vice President, Ms. Bajabulile Swazi Tshabalala.

On Wednesday May 22 2022, UK Minister for Africa Vicky Ford and AfDB President Akinwumi Adesina signed, the agreement to fund up to $2 billion in climate projects in Africa. It was signed in Accra, Ghana, on the sidelines of the AfDB annual meetings.

The guarantee agreement is one of the commitments made by British Prime Minister Boris Johnson, during the COP26 in Glasgow, Scotland, last year. It is aimed at helping the AfDB raise additional funds and devote half of them to climate adaptation projects.

The projects include Egypt’s Gabel El Asfar Wastewater Treatment Plant, “Water Recycling for Agriculture,” considered one of the largest wastewater treatment plants in Africa and the Middle East.

The Room to Run Sovereign transaction was structured with the intention of scaling up the AfDB’s commitments to climate finance and it will go a long way in supporting African countries meet their Nationally Determined Contributions (NDCs).

The press conference will be held on the sidelines of the African Development Bank Group’s Annual Meetings currently underway in Sharm El Sheikh.

Notably, the agreement is a major step in the implementation of the programmes announced by the UK during COP26 Glasgow in late 2021.