CAIRO April 24, 2018 - Minister of Investment and International Co-operation Sahar Nasr called on the international community to boost co-operation in combating all forms of illegal financial flows, voicing hope that good practices could strengthen sustainable development. Egypt's Permanent Delegate to the UN Ambassador Mohamed Idriss attended the meeting. Addressing the Group of 77 plus China, chaired by Egypt, during the Special Meeting of the Economic and Social Council (EcoSoc) held in New YorK, Nasr said that financing for sustainable development should focus on eradicating poverty within the context of the comprehensive development plan of 2030 and the need to take into consideration the development priorities in each country. She said that the world was 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 increasing 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 boosting 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 minister stressed that imposing new economic measures against the developing countries does not contribute to boosting social and economic development. The G77 plus China 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 with 77 developing countries in the UN. Even though its membership has grown to 134, it has kept its original name. Egypt chaired the group in 1972-1973 and 1984-1985 sessions.
