(MENAFN- Daily News Egypt) Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, announced the launch of the country's Integrated National Financing Strategy during a high-level event at the“Summit of the Future,” held as part of the High-Level Week of the United Nations General Assembly's 79th session in New York.
The event, titled“Tapping into Innovative Financing Instruments to Accelerate Sustainable Development: A Roadmap to Just Development Finance,” was organised by Egypt in collaboration with the United Nations Development Programme (UNDP) and the European Union.
Al-Mashat emphasised that the strategy, developed in collaboration with the UN, provides a comprehensive national financing framework to enhance sustainable development in line with Egypt's Vision 2030.
The strategy focuses on mobilising sustainable financing to address funding gaps, reduce financial risks, and minimise future debts, embodying the principle of“the right financing.” Al-Mashat stated that these efforts align with the priorities set by the Egyptian leadership, which emphasises investing in human capital as essential for achieving inclusive economic development, improving living standards, and enhancing skills across various sectors through serious economic and structural reforms.
Al-Mashat highlighted that the strategy targets seven key sectors identified as national priorities by the Egyptian government: social protection, sanitation, health, transportation, education, climate change, and women's empowerment. Each sector has direct implications for specific development goals and indirect effects on a broader range of development objectives.
The strategy adopts a“Financing for All” (F2F) approach, promoting the transition from traditional financing mechanisms to comprehensive financing strategies for sustainable development.
Al-Mashat indicated that the strategy outlines a series of actions to close financing gaps, including conducting cost estimates for sustainable development goals (SDGs), expanding public-private partnerships, enhancing the green banking system, and supporting the digital economy.
Additionally, it aims to intensify financing tools for priority sectors and climate investments, increase foreign direct investment, improve incentives for localising SDGs, and enhance the alignment and effectiveness of development financing with sustainable development goals.
The strategy also includes strengthening executive oversight and civil society supervision of the integrated national financing framework. The Ministry of Planning, Economic Development, and International Cooperation will convene a supervisory committee meeting, coordinating with the working groups on financing for development and sustainable financing, and will lead the establishment of annual indicators for the roadmap of the integrated national financing framework.
Al-Mashat highlighted the strategy's flexible structure, ensuring its adaptability to changes in the Egyptian economic scenery through ongoing review and adjustment. She also noted that its cooperative framework contributes to a dedicated and actionable roadmap for sustainable development financing in Egypt.
In his remarks, Abdullah Al-Dardari, UNDP Director for Arab States and Assistant SG, stated,“High-level discussions at this event are crucial to addressing the urgent need for innovative financing solutions to support sustainable development in Egypt and the region. By bringing together partners from the public, private, and international sectors, we are paving the way for stronger cooperation and more effective resource mobilisation.
The launch of Egypt's integrated national financing strategy is a prime example of how countries can take tangible steps to align financing flows with their developmental objectives.”
Markus Berndt, Head of the European Investment Bank's Representation Group to the United States and the United Nations, commented,“We are pleased to be with our esteemed partners in Egypt at this event. We have a longstanding partnership with the European Investment Bank since 1979, during which we have invested nearly €15bn in various development and infrastructure projects, as well as in the private sector.”
He emphasised that this meeting is crucial for enhancing the frameworks of multilateral financial systems, and therefore, the European Investment Bank reaffirms its readiness to partner with various stakeholders to increase financing capacities, promote climate action, and mobilise financing for the private sector.
The side event included three internal discussion sessions following the opening session chaired by Al-Mashat, with participation from Al-Dardari, and Berndt, followed by an interactive panel discussion on“The Role of Multilateral Development Banks and International Institutions in Promoting Innovative and Just Financing,” concluding with an interactive discussion with member states, permanent missions, and the private sector, culminating in the launch of Egypt's integrated national financing strategy.
MENAFN23092024000153011029ID1108705779
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.