Planning Minister participates in the opening of the annual conference of the emerging Financial Establishment Committee of the International Organization for Financial Specialties

H.E. Dr. Hala El-Said, Egypt's Minister of Planning & Economic Development participated in opening the conference of the emerging Financial Establishment Committee of the International Organization for Financial Specialties.

The conference is being held under the auspices and in the presence of H.E. Dr. Mostafa Madbouly, Prime Minister, with the participation of Dr. Mohamed Maait, Minister of Finance, Dr. Yasmine Fouad, Minister of Environment and Dr. Mohamed Farid Saleh, Chairman of the Financial Regulatory Authority (FRA)

During her speech, Dr. Hala El-Said highlighted the efforts to localize and finance SDGs in Egypt.

She referred to the launch of Egypt Vision 2030 in 2016 as the national version of the international sustainable development goals, as Egypt was one of the first countries to commit to a national agenda for sustainable development, which focuses on three dimensions: the economic, environmental, and social dimensions.

El-Said spoke about updating the vision according to a participatory approach to be compatible with local, regional, and global changes.

She further said that the vision in its updated version includes 4 main principles: people are the focus of development, justice and access, flexibility and adaptation, and sustainability.

The aforementioned vision also includes six strategic goals aimed at improving the quality of life of Egyptians and raising their standards of living, while achieving social justice and equality, as well as achieving an existing competitive economy. 

The vision also identifies 7 enablers to stimulate the implementation of these goals, which are data availability, financing, digital transformation, technology and innovation, legislative and institutional environment, supportive cultural values, and population growth management.

El-Said stressed the importance of following a bottom-up approach in community participation, explaining that Egypt’s Vision 2030 is not the government’s agenda, but the people’s agenda, so the vision was developed and updated through a participatory approach, in consultation with the private sector and civil society, and the government.

She also indicated that the Planning Ministry, in cooperation with the Ministry of Environment and government agencies, launched the Environmental Sustainability Standards Guide to raise the level of awareness and direct the government (ministries and national agencies) and the private sector towards investing in sectors that have a direct positive impact on the environment.

El-Said explained that the environmental sustainability guidelines include all issues related to green transformation in all the projects that the Egyptian state undertakes and invests in.

El-Said noted that when the environmental sustainability standards were launched for the first time, the goal was for the percentage of green projects in the investment plan to reach 15% in 2020, and that was increased. 

The percentage will reach 40% during the current year, and 50% by 2024/2025, according to El-Said.

Similarly, she pointed out that most of these projects are focused on green means of transportation, and projects that enhance green presence, such as water desalination projects, projects related to infrastructure, and e-mobility in terms of cars, engines, and electric pumping stations.

She stressed the importance of training and capacity building to ensure the presence of green standards in all projects.

Regarding efforts to localize SDGs, El-Said stressed that sustainable development will not be achieved without adopting a progressive approach that takes into account geographical differences and ensures balanced and equitable spatial development.

She referred to the launch of 27 reports to localize sustainable development goals at the governorate level in cooperation with the United Nations Population Fund.

  The reports are updated periodically to document progress in implementing the Sustainable Development Goals in each governorate. The reports provide tailored recommendations on where efforts should be directed. 

El-Said also stressed the importance of involving everyone in how to achieve the green transformation, pointing to the National Initiative for Smart Green Projects, which is the idea of Dr. Mahmoud Mohieddin, which aims to develop an investment map at the governorate level for such projects and to find local solutions to climate change problems, in cooperation with the Ministries of Local Development, Environment, Communications, and the National Council for Women.

The Minister of Planning referred to the state's efforts to enhance the investment environment, highlighting The Sovereign Fund of Egypt (TSFE) - the state's investment arm - which aims to improve investment opportunities in state-owned assets in Egypt as the ideal partner for the private sector.

El-Said explained that investment opportunities are being studied, more green projects are being mobilized in the economy, and these investment opportunities are being provided to the private sector.

She that TSFE has concluded partnerships in various sectors, including the rehabilitation of the Tahrir Complex and the Cosmic Village schools in the 6th of October city, as well as the establishment of an industrial complex for railway manufacturing in partnership with the Egyptian National Railway Industries Company (NERIC).