Deputy Planning Minister Inaugurates ESCWA Development Finance Committee, Highlights Egypt’s Sustainable Development Financing Efforts

Dr. Ahmed Kamali, Deputy Minister of Planning and Economic Development, inaugurated the third session of the Development Finance Committee in ESCWA member states at the Economic and Social Commission for Western Asia (ESCWA). The committee convened to discuss financing priorities and gaps, exploring solutions from local public and private sources as well as innovative international avenues. Their goal: to outline a roadmap for presentation at the fourth United Nations Summit on Sustainable Development Financing.

Attending the committee meeting were Dr. Mona Essam, Assistant Minister of Planning and Economic Development for Sustainable Development Affairs, Mr. Karim Khalil, ESCWA Secretary-General, Mr. Mukhtar Al-Hassan, Director of the Joint Economic Prosperity Group, Mr. Hisham Taha, ESCWA Economic Advisor and Responsible for Development Finance, and Ambassador Nada El-Ajiz, Director of Sustainable Development and International Cooperation Department at the Arab League. Representatives from 18 Arab countries and economic researchers also participated.

In his address, Dr. Kamali underscored the critical nature of development financing, particularly amidst the challenges exacerbated by the COVID-19 pandemic. He highlighted Egypt’s proactive approach, including updates to its Vision 2030, positioning financing as a primary driver toward achieving sustainable development goals, and fostering private sector empowerment.

Dr. Kamali also spotlighted Egypt’s Sovereign Fund as a vital instrument for private sector encouragement and the state’s commitment to enhancing the investment climate, promoting private sector engagement, and optimizing government spending efficiency to generate financing surpluses for development projects. He emphasized Egypt’s collaboration with international organizations such as ESCWA and the United Nations Development Programme (UNDP) on development financing initiatives.

Dr. Mona Essam elaborated on Egypt’s development financing experience, emphasizing effective partnerships, innovative financing tools, and policies to augment public revenues. She highlighted the integration of financing mechanisms within Vision 2030, aiming for financial sustainability to foster a competitive, knowledge-based economy.

Dr. Essam further outlined the Ministry of Planning and Economic Development’s efforts to synchronize developmental and financial planning, focusing on identifying financial flows, exploring alternative financing for development projects, and optimizing state resource utilization. She referenced the Sustainable Development Financing report, advocating for centralizing the state’s budget role within the economic stability framework to activate the integrated national financing framework.

Dr. Essam announced the establishment of a working group for development financing chaired by the Ministry of Planning and Economic Development, tasked with assessing gaps, developing policies, and proposing executive mechanisms aligned with Egypt’s Vision 2030. She also highlighted the role of the Sustainable Development Goals Financing Strategy project in partnership with the United Nations Resident Coordinator in Cairo, funded by the United Nations Development Fund, which produced a draft strategy for national financing of sustainable development goals.

The meeting included a regional workshop on dynamic development financing tools developed by ESCWA to bolster national efforts in expanding financial resources and optimizing resource mobilization efficiency from diverse sources to implement national plans.