LE100 bn to support sectors hard hit by Covid-19

Cairo- Egyptian Ministry of Planning and Economic Development Wednesday held a discussion entitled ‘The Challenges of Financing Sustainable Development: Before and After the Spread of the Coronavirus Pandemic’.

The event has held co-operation with the Arab League on the sidelines of the Global Forum on Financing Development 2021.

Planning Minister Hala Al-Saeed told the session that Egypt is committed to implementing the 2030 Agenda and is keen to implement the Sustainable Development Goals (SDGs).

Egypt ranks 83 out of 166 countries in the SGD Index, compared to 92 out of 162 countries in 2019 and 4 out of 47 African countries in 2020.

The Egyptian government is working on building capacity and strengthening companies with stakeholders to achieve the goals and of the sustainable development agenda: Egypt’s Vision 2030, the minister said.

Providing the necessary funding for the 2030 Agenda is a major challenge at the global, local and national levels, the minister added, noting that meeting this challenge requires a tangible increase in investment through a number of diverse sources besides changing vision around priorities.

As for curbing the negative impacts of Covid-19, el-Saeed said the government is working hard in this respect and creating jobs with a LE100 billion stimulus package to supports sectors hardest hit by the pandemic.

“This represents 2 percent of gross domestic product to attain a balance between safeguarding public health and maintaining economic activity,” el-Saeed added.

The minister also mentioned accelerating the transition to a green and resilient economy by issuing green bonds and sukuk, making Egypt the first in the Middle East and North Africa region to issue green bonds.

She also stressed the importance of practical steps to use the “environmental sustainability standards” guide and define ways of monitoring performance indicators for all sectors.

The government plans to double public investment in green projects to 30 percent in fiscal year 2021-2022), el-Saeed said, noting the private sector participation in the transformation to sustainable financing, as is the case with the Commercial International Bank and the Central Bank of Egypt, which steered other banks to establish a unit for financial inclusion.

Mahmoud Mohieldin, Executive Director of the International Monetary Fund and the United Nations Envoy for Sustainable Development Financing, said in his speech that economic reforms in Egypt are the basis of efforts to attain sustainable development goals.