Egypt's ongoing international cooperation portfolio amounts to $25bn: Al-Mashat

COVID-19 pandemic forced world to make exceptional efforts to achieve sustainable development, confront climate change: Minister Al-Mashat

Egypt's Minister of International Cooperation, Rania Al-Mashat, has stressed the need for the world to present innovative tools to provide funds and achieve integration between development partners, noting that the ongoing international cooperation portfolio in Egypt currently amounts to about $25bn.
Her remarks came during the opening of the Egypt International Cooperation Forum (Egypt-ICF), in its first edition, which started on Wednesday and will last for two days.
Minister Al-Mashat affirmed, during her speech in the forum, that the coronavirus pandemic forced the world to exert exceptional efforts to achieve sustainable development and confront climate change.
"As for the coronavirus crisis, the world did not realize the true dimensions of this pandemic until after several months of the virus spreading. The pandemic's repercussions were not limited to health only, but extended to economic and social aspects and affected countries' efforts and endeavors towards development," Al-Mashat said.
She added that the pandemic has shown that no country, whatever its capabilities, will achieve a comprehensive and sustainable recovery on its own, which reinforces the importance of multilateral cooperation as a critical tool to overcome the pandemic and complete the journey towards achieving sustainable development goals.
The Minister pointed out that the Egypt Forum for International Cooperation and Development Finance is being held under exceptional circumstances, bringing together all relevant parties, including international institutions, governments, civil society, and the private sector, to set standards and ways to adapt to these changes and confront them with flexible plans capable of absorbing shocks.
Al-Mashat explained that the gathering of all relevant parties, during the forum's activities, whether by actual or virtual attendance, only came to her certainty that the world, no matter how different its components, has one destiny and a common goal, which is to overcome the pandemic, and move forward towards development and green recovery.
She added that the Egypt-ICF aims through its agenda to stimulate joint action and coordinate development visions for all parties of the international community and to take advantage of the rich discussions between the relevant parties to search for innovative solutions commensurate with the challenges facing the world.
The Minister revealed that the forum would witness the launch of several qualitative initiatives to push forward multilateral cooperation and exchange experiences and expertise.
Al-Mahat stressed that the forum highlights the importance of activating regional cooperation mechanisms in light of the African Free Trade Agreement and triangular cooperation with the continent of Africa, as they are effective tools of multilateral cooperation to achieve international goals at the regional level as well as their role in advancing Africa's Agenda 2063.
The Minister noted that the forum is discussing strengthening international financing mechanisms to stimulate the process of mobilizing resources to bridge the financing gap to achieve the sustainable development goals, as data from the Organization for Economic Cooperation and Development indicate that only 1% of global assets worth $379trn can bridge this gap, which requires effort, Unprecedented cooperation and search for innovative financing tools, including blended financing.
The forum also discusses stimulating the role that the private sector can play through international partnerships to contribute effectively to supporting development efforts and discussing ways of economic empowerment for youth and women.
The Minister of International Cooperation pointed out that in light of the global risks resulting from climate change and its negative effects on citizens, the forum discusses the opportunities and challenges facing developing and emerging economies to achieve a green transformation, promote the integration of climate action into recovery strategies, and ensure that everyone benefits from new economic opportunities, especially African countries, whose growth rates have been severely affected by the pandemic.
She pointed out that the forum concludes with a session on investment in human capital, through which it sheds light on the Egyptian experience to improve the lives of citizens through the presidential initiative, a decent life, and other national initiatives while highlighting the influential role of international cooperation and development financing in this field.
At the conclusion of her speech, Al-Mashat affirmed the commitment of the Ministry of International Cooperation and its development partners to make this forum come out with realistic and ambitious recommendations through a final statement that will be activated to achieve the world's aspirations towards development. And consolidating work with development partners to support the national development vision consistent with the UN goals for sustainable development.