Egypt’s Minister of Planning,
Economic Development, and International Co-operation Rania el-Mashat took part in
the inaugural events of the Conference of the Forum on Global Action for Shared
Development, hosted by the Chinese International Development Co-operation
Agency (CIDCA) in Beijing. Mashat delivered a speech at a high-level session
themed “Joint Actions to Promote Sustainable Development.”
The minister stressed the
importance of convening the second edition of the Conference of the Forum on
Global Action for Shared Development, highlighting her participation in the
first edition last July.
Mashat affirmed that pursuing
sustainable development is of paramount importance, noting that achieving
sustainability requires not only economic growth, but also ensuring inclusive
development. This underscores the importance of striving for a better future
for all, ensuring no one is left behind in the development process.
Mashat stressed that the
principle of “country ownership” is crucial in advancing sustainable
development agenda, particularly in coordinating efforts in light of
sustainable development goals. The minister pointed out that one of the primary
challenges we face is the continued increase in the funding required for
development and climate action.
Mashat presented several
proposals to overcome these challenges, including mobilising additional funding
through enhanced engagement among all relevant entities to unlock
trillion-dollar financing from the private sector and other development actors,
especially NGOs.
Mashat affirmed the importance
of enhancing debt sustainability in middle-income and low-income countries to
improve credit ratings, reduce risks, and increase private sector confidence to
encourage further investments.
Mashat underscored the need to
stimulate private sector involvement in development and climate action by
promoting blended financing through multilateral development banks and
international financial institutions, thereby enhancing investor confidence and
reducing capital costs in developing countries.
Mashat stressed the necessity of
diversifying sources of development finance, relying on national plans that
consider the priorities of different countries in implementing the sustainable
development goals (SDGs).
She noted that Egypt is
committed to building a sustainable future through effective development
planning and enhancing co-operation with international partners, while also
working to increase green projects as a share of public investments alongside
ongoing efforts with development partners to drive green transformation in the
country.
Mashat stated that advancing
South-South Co-operation and Triangular Co-operation also enhances the benefit
from successful experiences and their replication. She emphasised the
importance of mainstreaming the principles of equitable financing across all
development activities and climate finance, in line with the SDGs.
The Conference of the Forum on
Global Action for Shared Development is hosted by the CIDCA, with participation
from over 200 representatives of governments, decision-makers, and
international institutions to discuss various issues, primarily focusing on South-South
co-operation, innovation, and efforts to enhance collaborative action for
achieving the 2030 SDGs.
Source: The Egyptian Gazette