CAIRO, April 24, 2018 (MENA) - Minister of Investment and International Cooperation Sahar Nasr called on the international community to enhance cooperation to combat illegal money transfers, voicing hope that good practices regarding the return of assets could enhance sustainable development. The minister's remarks came in a statement delivered on behalf of the Group of 77+ China, chaired by Egypt, during the Special Meeting of Economic and Social Council (EcoSoc) held in New YorK. Egypt's Permanent Delegate to the UN Ambassador Mohammed Idriss attended the meeting. Addressing the group, Nasr asserted that financing for sustainable development should focus on removing poverty within the context of the comprehensive development plan of 2030, shedding light on the need of taking into consideration the national and strategic priorities of development in each country. She went on to say that the world is facing serious challenges that could hinder the agenda of the 2030 development plan, citing the irregular financial conditions, accumulated debts as well as political tensions especially in the Middle East region. Nasr also underlined the importance of the private sector's participation in garnering necessary resources for development and increase of foreign direct investments. The minister also reviewed the economic reform plan carried out by Egypt and explained the measures taken by the government towards increasing finances needed for the development plans, combating corruption and enhancing the financial inclusion. She also highlighted the new regulations issued by the Egyptian government to improve the investment climate and achieve growth of the private sector and private businesses. The G77 is a coalition of developing nations at the UN that promotes its members' collective economic interests and creates an enhanced joint negotiating capacity in the UN. The group was formed in 1964 featuring 77 developing countries in the UN. Even though its membership has grown to 134, it has kept its original name.
