Egyptian Minister of International Co-operation Rania al-Mashat participated in many discussion sessions and events during the Growth Summit 2023, which was held at the headquarters of the World Economic Forum (WEF) in Switzerland, in which economic leaders across the world from business organizations, civil society, the private sector and governments meet to discuss the formation of a sustainable and just future. They also discussed climate action challenges, artificial intelligence, innovation, and creating a workforce ready for future challenges.
In a speech the minister said that the pandemic revealed the fragility of the current global social and economic systems and their ability to adapt to crises and risks, which calls for enhancing adaptability.
As a result of the pandemic, the ongoing war in Europe came to add more risks to the economies of these countries due to its high cost of financing, declining growth rates, increased interest rates, and increased volatility in financial markets.
The exchange of expertise and experiences between the countries of the South and just financing are necessary factors to meet the challenges of development, the minister said.
Al-Mashat stated that there are common challenges between the countries of the North and the South, and when looking at sustainable development, we find that there is a challenge facing its implementation and a gap in the finance available for these goals, in addition to need for climate action, which requires more finance.
She called for the mobilisation of efforts to enable developing countries to implement their development programmes and national strategies.
Al-Mashaat also participated in a panel discussion on Growth Hotspots: The Climate Technology Boom’ along with Richard Powell, Executive Director of the ClearPath Foundation and ClearPath Action.
She said that, in light of Egypt’s presidency of COP27, all global efforts exerted to push mitigation and adaptation efforts are at the heart of technology and innovation.
The minister indicated that many efforts had been made to obtain international pledges to support climate action, so the climate conference in Egypt was a global call to implement pledges, through joint efforts between governments, the private sector, international institutions and all relevant parties.
Al-Mashat said that Egypt is working diligently to advance scientific research efforts, encourage risk capital, especially in climate action technology, and stimulate the private sector.
Africa produces less than 3 per cent of global emissions, but it is the most affected by the repercussions of climate change, al-Mashat said.
The minister spoke about the global initiatives put forward in this regard, noting that Egypt has launched the national platform for green projects, which is a model for mobilising climate finance.
The minister also participated in a discussion session ‘Gender Parity: 50-50 by 2050?’, in which she referred to the continuing challenges facing gender equality progress and its impact on development efforts in different countries.
The minister reviews efforts to empower women through the Closing the Gender Gap Accelerator.
Al-Mashaat also participated in a high-level meeting on Driving Growth Amid Divide, moderated by WEF President Borge Brende, to discuss how to mobilise efforts to achieve growth, enhance investment in human capital, and enhance macroeconomic stability amidst current challenges.
The session discussed the role of multilateral co-operation in facing global challenges, climate change and efforts to reduce poverty rates, and the need to promote the global agenda and joint actions between the relevant stakeholders to accelerate the pace of sustainable development.
