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26 Apr 2022

The Minister of Planning and Economic Development participates in the seventh edition of the Conference on Financing for Development 2022 at the United Nations

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated in a recorded speech in the seventh edition of the Financing for Development Conference 2022, which will be held by the United Nations Economic and Social Council from 25 to 28 April at the United Nations headquarters in New York.

El-Said said during her speech in the plenary session that the forum is being held this year during major geopolitical and economic changes, in addition to the long-term effects of the COVID-19 pandemic.

She pointed out that these complex challenges require a strong international commitment to mobilizing adequate financing, while the pursuit of ambition continues to achieve sustainable development and enhance economic resilience.

To that end, El-Said added, the prevailing financing challenges that impede investment in recovery, climate action, and the achievement of sustainable development goals for developed and developing countries must be addressed as well.

She further explained that in addition to these indirect global repercussions, Egypt actively participates in addressing systemic issues in financing development, as a key element to achieving Vision 2030.

She pointed out that Egypt launched the world's first national report on financing for development, explaining that the report provides an objective and in-depth analysis of the various dimensions of financing for development and tracks Egypt's aspirations and efforts toward achieving the sustainable development goals.

El-Said highlighted the cooperation with the United Nations Joint Fund for Sustainable Development Goals to develop an integrated national financing framework to estimate the costs of implementing the sustainable development goals at the national level and to identify gaps in this regard and ways to address them.

She added that the government adopts a two-pronged approach to financing, by enhancing the efficiency of public investments, while seeking at the same time to find innovative financing mechanisms, including the issuance of green bonds and Islamic sukuk, following up on that priorities are set for strengthening public-private partnerships. Mainly through the Egyptian sovereign fund.

El-Said also touched on Egypt's hosting of the twenty-seventh session of the Conference of Parties (COP27), stressing that it will spare no effort to achieve ambitious results for financing the green transformation; focusing on renewable energy, clean transportation, water, and food security, and supporting it by increasing private investment in green activities.

El-Said added that the prosperous future depends largely on the international cooperation provided by institutions such as the Economic and Social Council, adding that solidarity between global and local stakeholders is of paramount importance in preventing the issue of the global liquidity crisis and addressing systemic financial risks, stressing Egypt's commitment to developing effective mechanisms for financing development.

It is worth noting that the Ministry of Planning and Economic Development is scheduled to organize a side event tomorrow, Wednesday, on the sidelines of the forum's activities, entitled "Methods of Supporting Financing Sustainable Development".