Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    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    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    







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



Egypt unveils Integrated National Financing Strategy at UNGA
Published in Daily News Egypt on 23 - 09 - 2024

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.


Clic here to read the story from its source.