During the “Summit of the Future” in New York, the Minister of Planning, Economic Development, and International Cooperation launches Egypt’s Integrated National Financing Strategy

 

The strategy provides a comprehensive national financing framework to enhance inclusive economic development in alignment with Egypt’s Vision 2030.

 It features a flexible structure that enhances its adaptability to economic changes and supports private sector participation.

The strategy promotes the transition from traditional financing mechanisms to a comprehensive financing framework to bridge development financing gaps.

The UNDP Director for Arab States and Assistant SG, stated that Egypt's launch of a national financing strategy reflects effective steps that countries can take to align financing flows with their developmental goals.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, announced the launch of the "Egypt’s Integrated National Financing Strategy" during a high-level event organized by Egypt titled "Tapping into Innovative Financing Instruments to Accelerate Sustainable Development: A Roadmap to Just Development Finance" in collaboration with the United Nations Development Programme (UNDP) and the European Union, as part of the “Summit of the Future” events during the High-Level Week of the United Nations General Assembly's 79th session in New York.

 

H.E. Dr. Al-Mashat emphasized that Egypt's integrated national financing strategy represents a collaborative initiative between the Egyptian government and the United Nations. It was developed within the framework of the Financing Strategy for Sustainable Development Goals in Egypt, led by UNDP, in cooperation with various international organizations, including the International Labour Organization, UNCTAD, UNICEF, and UN Women, with support from the UN Joint Fund for Sustainable Development Goals. She expressed gratitude to Dr. Hala El-Said, Economic Advisor to the President and former Minister of Planning, for initiating this effort last year.

 

H.E. Dr. Al-Mashat further noted that the strategy provides a comprehensive national financing framework aimed at enhancing sustainable development in line with the national sustainable development agenda and Egypt’s Vision 2030.

 

H.E. Minister Al-Mashat added that the strategy focuses on mobilizing sustainable financing to close funding gaps and reduce financial risks and future debts, embodying the principle of “the right financing.” She affirmed that these efforts align with the priorities set by the Egyptian leadership, which emphasizes investment in human capital as essential for achieving inclusive economic development, improving living standards, and enhancing skills across various sectors through serious economic and structural reforms.

 

H.E. Minister Al-Mashat highlighted that the strategy targets seven key sectors identified as national priorities by the Egyptian government, each having direct implications for specific development goals, as well as indirect effects on a broader range of development objectives. These sectors include social protection, sanitation, health, transportation, education, climate change, and women’s empowerment.

 

Moreover, the strategy adopts a (F2F) approach, promoting the transition from traditional financing mechanisms to comprehensive financing strategies for sustainable development.

H.E. Dr. Al-Mashat indicated that the strategy outlines a series of actions to close financing gaps that the Egyptian government will implement, including conducting cost estimates for sustainable development goals (SDGs), expanding public-private partnerships, enhancing the green banking system, and supporting the digital economy. Additionally, it aims to intensify financing tools for priority sectors and climate investments, increase foreign direct investment, improve incentives for localizing SDGs, and enhance the alignment and effectiveness of development financing with sustainable development goals while strengthening executive oversight and civil society supervision of the integrated national financing framework.

 

H.E. Dr. Al-Mashat noted that the Ministry of Planning, Economic Development, and International Cooperation will convene a supervisory committee meeting, coordinating with the working groups on financing for development and sustainable financing, and will lead the establishment of annual indicators for the roadmap of the integrated national financing framework.

 

H.E. Minister Al-Mashat added that the strategy's flexible structure ensures its adaptability to changes in the Egyptian economic scenery through ongoing review and adjustment, while its cooperative framework contributes to a dedicated and actionable roadmap for sustainable development financing in Egypt.

 

In his remarks, Dr. Abdullah Al-Dardari, UNDP Director for Arab States and Assistant SG, stated, "High-level discussions at this event are crucial to addressing the urgent need for innovative financing solutions to support sustainable development in Egypt and the region. By bringing together partners from the public, private, and international sectors, we are paving the way for stronger cooperation and more effective resource mobilization. The launch of Egypt’s integrated national financing strategy is a prime example of how countries can take tangible steps to align financing flows with their developmental objectives."

 

Dr. Markus Berndt, Head of the European Investment Bank's Representation Group to the United States and the United Nations, commented, "We are pleased to be with our esteemed partners in Egypt at this event. We have a longstanding partnership with the European Investment Bank since 1979, during which we have invested nearly €15 billion in various development and infrastructure projects, as well as in the private sector." He emphasized that this meeting is crucial for enhancing the frameworks of multilateral financial systems, and therefore, the European Investment Bank reaffirms its readiness to partner with various stakeholders to increase financing capacities, promote climate action, and mobilize financing for the private sector.

 

It is worth noting that the side event included three internal discussion sessions following the opening session chaired by H.E. Dr. Rania Al-Mashat, with participation from Dr. Abdullah Al-Dardari, and Dr. Markus Berndt, followed by an interactive panel discussion on "The Role of Multilateral Development Banks and International Institutions in Promoting Innovative and Just Financing," concluding with an interactive discussion with member states, permanent missions, and the private sector, culminating in the launch of Egypt’s integrated national financing strategy.