Egypt Urges International forum to Aid Developing Countries Private Sector and Financial Institutions achieve  ”Green Recovery”

Egypt’s president stated that developing countries require more cooperation from the private sector and financial institutions in order to achieve sustainable development goals. 

On Wednesday, Abdel Fattah El Sisi made the remarks during Cairo’s inaugural international cooperation event. He stated that green recovery has become an urgent issue that is currently at the top of the world government’s concerns. 

Policymakers, private-sector stakeholders, and high-level representatives from global development and financial organizations are among those attending the two-day meeting, which is organized by Egypt’s Ministry of International Cooperation. 

The event’s main goal is to increase international cooperation in order to assist developing nations, notably those in Africa, in closing the financial gap in order to meet the UN’s 17 Sustainable Development Goals by 2030. 

According to the Organisation for Economic Co-operation and Development, developing nations face a $3.7 trillion yearly SDF funding shortage as the globe grapples with the repercussions of the pandemic. 

The international community’s and international financial institutions’ help, according to Mr. El Sisi, is critical. 

According to the OECD, blended finance is the strategic use of development financing to mobilize additional funds for sustainable development in poor nations. 

Mr. El Sisi stated that Egypt’s Vision 2030 national agenda was designed in accordance with the UN’s Sustainable Development Goals and the Africa 2063 Development Agenda. 

He cited accomplishments in recent years, such as completing large infrastructure projects, providing social security programmes, increasing human capital investment, and taking steps to transition to a green economy. 

Rania Al Mashat, Egypt’s Minister of International Cooperation, said in her inaugural remarks that the conference is an opportunity to embrace opportunities and address the issues that developing economies face. 

According to the Ministry of International Cooperation, Egypt has 377 initiatives aimed at achieving the SDGs, with a total cost of $26.5 billion. 

Many rely on Official Development Assistance funding, which is government assistance aimed at promoting the economic development and welfare of developing countries. 

For example, Egypt has 34 projects aimed at providing inexpensive and sustainable energy at a cost of $5.9 billion, with development aid accounting for 23.2 percent of the total. 

During a panel on private-sector engagement, Egypt’s Finance Minister, Mohamed Maait, stated that his government has opted to “move gradually in this direction.” 

He emphasized that the state must continue to be the “main driver” in creating the optimal economic environment and regaining the trust of the private sector. 

The African Development Bank, the European Bank for Reconstruction and Development, the OECD, the United Nations, and the World Bank Group collaborated on the forum.