Financing 2030 plan, achieving SDGs represent key int'l, national challenge: Planning Minister

Minister of Planning and Economic Development Hala El-Said has said that financing the 2030 plan and achieving the sustainable development goals represent a major challenge at the international, regional, and national levels.
Addressing such a challenge requires developing innovative financing instruments and efficient use of resources, El-Said added.
The minister was speaking during a videoconference side event entitled "Methods of Supporting Sustainable Development Finance" held by the Planning Ministry on the fringe of the 7th edition of the Financing for Development Conference 2022, which is held by the UN Economic and Social Council from April 25 to 28 at the UN headquarters in New York.
In a recorded speech, El-Said said Egypt’s 2nd and 3rd Voluntary National Review (VNR) indicated that development funding represents a key challenge undermining progress in the 2030 agenda, similar to the situation in many developing countries.
Despite Egypt’s low contribution to the global greenhouse gas emissions, it comes among the countries most vulnerable to the climate change impact which goes beyond its adaptation capacity, she said.
Such successive challenges may cause great threats to agriculture and food security, she warned.
Egypt has outlined a comprehensive package of policies, projects, and guiding principles to enhance the implementation of the goals related to sustainable development and climate issues, the minister noted.
In this regard, El-Said highlighted the investment map that the country has prepared which included 30% of green projects.
She also pointed out the issuance of the green bonds, as well as Egypt’s Sovereign Fund’s efforts to mobilize investments in the fields of green hydrogen and clean transportation, in addition to the release of the first national report on financing for development worldwide.


The event witnessed the presence of Dr. Ahmed Kamali, Deputy Minister, and the participation of Dr. Mahmoud Mohieldin, Special Envoy of the Secretary-General of the United Nations for Financing the 2030 Agenda for Sustainable Development and Executive Director of the International Monetary Fund(IMF).
Moreover, the event witnessed the presence of Ambassador Nada El-Ajezy, Director of the Department of Sustainable Development and International Cooperation at the League of Arab States, Mr. Zuhair Fakir, a member of the Presidential Mission on Climate Change Financing in South Africa, Elena Panova, United Nations Resident Coordinator, and Sherif Daoud, Deputy Head of the Sustainable Development Unit at the Ministry, witnessed the presence of the Ambassador.

 The event was co-organized by the Arab League, the Permanent Mission of the Republic of South Africa, India, the Republic of Argentina, and the United Nations.
For his part, Dr. Ahmed Kamali explained that the discussion on financing the 2030 Agenda and the Sustainable Development Goals is a major challenge on the global, regional and national fronts.
 Kamali pointed out that meeting this challenge requires a significant increase in impact investment from a wide variety of resources, as well as a change in the way existing resources are used and prioritized.

Kamali added that Egypt realized the importance of financial development measures in 2018, as the issue of financing in 2020 was identified as one of the most important challenges impeding the achievement of the 2030 Agenda.
Kamali stressed Egypt's response to this challenge and its quest to find innovative and alternative financing solutions, pointing to the public-private partnership, which represents a very effective tool to reduce pressure on the government budget.

Kamali indicated that Egypt will launch the first green bonds in the Middle East and North Africa in 2020, explaining that the first offering amounted to $500 million. To be increased as a result of high demand to 750 million dollars.

Kamali also touched upon the Egyptian government and the Ministry of Planning and Economic Development launching the first comprehensive national report on financing the sustainable development goals in the world in partnership with the state.

Kamali explained that the report provides an objective and in-depth analysis and includes an analytical review of the various development and economic sectors, highlighting the government's recent efforts to mobilize various financial resources to finance sustainable development projects.

Kamali stressed Egypt's keenness to achieve the 17 sustainable development goals, which contributed to cooperation with various development partners, led by United Nations agencies, to accelerate the implementation of the 2030 Agenda.

Kamali added that Egypt's hosting of the 27th session of the Conference of the Parties in November 2022 in Sharm El-Sheikh aims to further enhance the global climate agenda and enhance climate resilience.

Dr. Mahmoud Mohieldin explained that Egypt is following a comprehensive approach toward the climate and is following the good path that has been set in the climate agenda while working on the financing front.
Mohieldin touched on the Good Life initiative, explaining that the initiative is fully in line with the Paris Agreement and the Sustainable Development Goals.

Mohieldin also stressed the need to encourage public and private investment through investment in human capital, education, and health, including digitization, resilience, and sustainability, while linking to ongoing structural reforms, including manufacturing, agriculture, and information and communication technology.

In the same context, Ambassador Nada Al-Ajezi explained that climate change, security, and finance are among the main challenges facing the Arab region, especially when it comes to achieving sustainable development goals.
 Al-Ajezi affirmed the League of Arab States' awareness of the importance of the issue of financing in achieving sustainable development goals in the region, cooperating with the Climate Facility Project for Sustainable Development Goals, and preparing and publishing a report on promoting sustainable finance and climate finance in the Arab region, which was launched in 2021.
Mrs. Elena Panova praised the Egyptian government's performance and commitment to implementing the 2030 Agenda and Vision and mainstreaming sustainable development goals in Arab countries through its role within the League of Arab States.

Panova explained that it is not possible to achieve and provide adequate financing for the sustainable development goals by relying only on government performance, but it is necessary to involve the private sector and relevant stakeholders, with the importance of the cooperation of all concerned parties to identify financing gaps to achieve the sustainable development goals.