Governor of the Central Bank of Egypt (CBE), Hassan Abdalla emphasised the need for enhanced global economic cooperation and innovative financing solutions during the first G20 Finance Ministers and Central Bank Governors Meeting held on February 26-27. Leading the Egyptian delegation to Cape Town, Abdalla highlighted the crucial role of multilateral development institutions and called for dialogue with credit rating agencies to refine methodologies related to these institutions. The G20 platform offers a valuable opportunity for participants to discuss current economic and financial issues, exchange expertise, and propose innovative solutions to support global development, the CBE governor stated. He underscored the importance of leveraging technological advancements to streamline cross-border payment settlements while ensuring strong data privacy and security. Egypt's delegation also included Rami Aboul Naga, CBE's Deputy Governor for Monetary Stability; and Yasser Sobhi, Vice Minister of Finance for Fiscal Policies. The meetings addressed South Africa's priorities for its G20 presidency and outlined a vision for 2025, focusing on economic growth, sustainable finance, and the evolution of the international financial architecture. According to a CBE statement on Sunday, Abdalla also highlighted the need to expand sustainable finance mechanisms, including green bonds and blended finance, to counter climate risks effectively. he advocated for bolstering public-private partnerships (PPPs) and enhancing risk-sharing mechanisms such as credit guarantees to mobilise capital for sustainable development. In line with this, Vice Minister Yasser Sobhy called for a balanced and gradual approach to tax reforms that support economic growth while mitigating inflationary pressures. Sobhy also stressed the importance of digitalisation in refining tax policies and creating a fairer international taxation system to ensure that countries receive their rightful share of financial inflows. On the sidelines of the G20 meetings, Rami Abulnaga attended the Second G20 Finance and Central Bank Deputies Meeting as well as the First BRICS Finance and Central Bank Deputies (FCBD) Meeting. The discussions focused on reviewing the operational procedures of the G20 Finance Track and the priorities set by Brazil's BRICS presidency, particularly concerning central banking matters. Egypt's presence at the 2025 G20 meetings came at the invitation of South Africa, which chairs the G20 from December 2024 to November 2025 under the theme Solidarity, Equality, Sustainability. This year marks Egypt's fifth participation in the G20 meetings and the third consecutive year of involvement, underscoring its growing role in global economic discussions. As the world navigates economic uncertainties and climate challenges, Egypt's active participation in the G20 highlights its commitment to fostering sustainable growth, financial stability, and fair international practices. Attribution: Amwal Al Ghad English
