Egypt’s Minister of Planning, Economic Development, and International Co-operation Rania el-Mashat took part on Friday 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.
