Egypt's Sovereign Fund partners with Scatec, Fertiglobe to develop green hydrogen facility    IMF sees Egypt's government gross debt hitting 91.4% of GDP in 2021    Egypt to be listed on JP Morgan emerging bond index late January 2022    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    TikTok hits 1 billion monthly active users worldwide    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Healthy food brand Abu Auf plans Egypt IPO in Q2-2022    National Bank of Egypt wins licence to open Saudi Arabia branch    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt releases Cairo Communique to reposition emerging economies as key allies in global development
Published in Amwal Al Ghad on 27 - 09 - 2021

Proposing avenues to reshape global governance and reposition emerging economies as key allies in the global future economy, Egypt's Ministry of International Cooperation puts forward a policy roadmap through the final recommendations of Egypt-ICF.
Egypt-ICF Forum, took place earlier this month, draws upon the insights of preeminent leaders in Africa, Europe, Asia, and Latin America, multilateral and bilateral development partners, along with the private sector and the civil society.
"Emerging economies will need nothing short of a new social contract that is based on a redesigned global governance system to ensure a green economic recovery in the post COVID-19 economy, and sketching new pathways for the emergence of innovation-driven sectors, rethinking social protection and green recovery, along with a progressive transformation of the labor market to mark the beginning of a new quality of growth." the ministry's September 27 Cairo Communique read.
The Egypt-ICF Communique was endorsed by the United Nations' Economic and Social Council, and its President, Ambassador Collen Vixen Kelapile, who read the Forum's Final Communiqué, and demanded the integration of the recommendations into the international agenda.
Draft Communique – Egypt-ICF – Sept. 26
Sketching new pathways by engaging globally
Dedicated to scaling up impact and deepening global development partnership in every sphere of policy through evidence-based common standards, platforms for dialogue and policy reform, Egypt-ICF was organised by the Ministry of International Cooperation, under the auspices of President Abdel Fattah al-Sisi.
Egyptian President Abdel Fattah al-Sisi in his opening speech at Egypt-ICT Forum in Cairo, on September 8, 2021
President Sisi gave an opening speech at the Forum, emphasising that Egypt advocates the spirit of open and inclusive partnership, and its importance in supporting development. Reflecting the policy recommendations that were laid out in the Cairo Communique, the Egyptian president underscored the urgent need for the international community and financial institutions to support developing countries as they strive to achieve a green recovery in the post COVID-19 economy.
He also accentuated the private sector's role in advancing all development endeavors, as governments alone will not be able to face all challenges. In addition, the speech highlighted that success stories are vital to promoting change in the region, and that there is a need for the exchange of experiences between Egypt and other countries to transfer knowledge and share experiences.
Putting forward a new model for the global repositioning of developing countries
Egyptian International Cooperation Minister Rania al-Mashat pointed out that the recommendations push for deepened reform and actively pursued mutually beneficial cooperation to provide impetus and confidence for the global recovery. The Ministry of International Cooperation is working with multilateral and bilateral development partners to activate the findings of Egypt-ICF in order to contribute to the achievement of Sustainable Development Goals (SDGs), Minister al-Mashat noted.
Ambassador Collen Vixen Kelapile, UN Economic and Social Council's President
"Despite the circumstances imposed by the pandemic and the inability of many delegations and international participants to come to Cairo to partake in the first edition of the Forum, it witnessed an active virtual and actual presence, together with effective, influential, and rich discussions." the minister said.
"I am certainly looking forward to the next edition of the Forum, as we aspire to attract more participation and attendance including representatives of governments and international financial institutions."
In his closing speech during the Forum's activities, Ambassador Collen Vixen Kelapile stressed on the importance of integrating Egypt-ICF's recommendations into the international agenda.
Kelapile discussed many vital issues, including the significance of advancing infrastructure while developing countries, in addition to raising the level of investments to achieve development with the participation of the private sector.
The United Nations' Economic and Social Council will hold two events to tackle what was reached during the Egypt-ICF Forum's activities, especially at the level of the private sector's role in development, and the importance of development funds while implementing the SDGs, he added.
Building consensus and synergy for the future of global development
Laying the foundations of a new inclusive economy, the recommendations of the Egypt- ICF focused on designing pathways to foster more effective and agile multilateral cooperation capable of addressing the pressing and emerging global challenges of developing economies. Therefore, they reintegrate their position in the future economy.
The Forum also emphasised the importance of following-up on commitments and agreements at the various global summits and international platforms. This includes the Paris Declaration on Aid Effectiveness and the Accra Agenda, and encouraging the initiation of an inclusive, multi-stakeholder global dialogue on the establishment of a universal monitoring framework to track the implementation of such commitments were emphasised.
The South-South and triangular cooperation add value to conventional forms of development cooperation, which facilitates access to technical and financial resources, promotes knowledge sharing, exchange of experience and technical know-how and ultimately contributes to sustainable development. The South-South does not substitute North-South Cooperation, which is key to bridge the technological gap between the North and South.
To promote transparency and open governance, the recommendations also allow each country to take innovative approaches in mapping their progress to align the results of international development cooperation projects with the SDGs' objectives, and strengthen inclusive and impactful engagement with development partners, governments, global policymakers, the private sector, and civil society.
In order to recognise the persistent SDGs financing gap, as an additional $3.7 trillion a year will be required to achieve the SDGs by 2030. All nations and international organisations must be called upon to capitalise on the indispensable role of the private sector and private investments in achieving the SDGs through the promotion of sustainable corporate practices and impact investment.
Businesses must also be encouraged to implement more inclusive economic policies that boost cross-institutional collaboration and align all stakeholders towards environmental, social and governance (ESG) principles, hence fostering impact investing and creating sustainable value chains.
To advance global environmental governance and pursue green and low-carbon development to proactively tackle climate change, the Communique highlighted the need to seize the opportunities arising from technological progress, and to support emerging economies to upgrade their economic and industrial structures as well as the energy mix at a faster pace.
The role of the African Continental Free Trade Area (AfCFTA) must be reaffirmed in boosting growth and integration of the African economies. This can come about through negotiations relating to the enactment of an e-commerce protocol as a guiding tool must be reiterated in order to harmonise data regulations, facilitate cross-border digital trade, and enable digital taxation on e-commerce.
The importance of harnessing the potential of digital technologies to provide women-led businesses with vast opportunities and enhance their competitiveness must be realized. This would be by calling for enhancing accessibility to digital technology, especially for those residing in rural areas and providing women with the necessary digital skills and strengthening their entrepreneurial capacity.
The recommendations call upon increasing investments directed to ICT infrastructure, which would in turn improve internet connectivity, and ultimately promote women's participation in entrepreneurship and innovation.
The international community must support the development of a roadmap that outlines short-, medium- and long-term solutions for building resilient agricultural and food systems. It would entail guidelines to facilitate knowledge sharing; promote technology transfer; adopt country-led sustainable agricultural methods; foster smart-climate practices; and support the diversification of livelihoods among rural communities seeing as they are the most vulnerable to food scarcity in the face of climatic shocks.
The economic infrastructure is one of the most prominent sectors with persistent financing gaps ranging from $770 billion to $950 billion. The communique calls for formulating strategic infrastructure development plans, as well as gauging the amount of annual investments needed.
Embracing a people-centred approach to development, investment in human capital is the starting point to meet the aspirations of all nations for a better life. This should be attained by increasing the development funds directed to develop those citizens' capabilities, as well as strengthen the health and educational services and the social protection programs for the lower-income classes, hence take part in creating resilient societies that are capable of having a better future.


Clic here to read the story from its source.