Minister of Planning, Economic Development and International Cooperation participates in a panel to discuss the role of the private sector in advancing South South Cooperation

 
During the 79th session of the United Nations General Assembly and the “Summit of the Future” in New York
Minister of Planning, Economic Development and International Cooperation participates in a panel to discuss the role of the private sector in advancing South South Cooperation
 

Al-Mashat: We are working to bring together relevant parties to advance South-South cooperation, and stimulate partnerships with developing countries through the New Development Bank (NDB) of the BRICS group

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the Islamic Development Bank Group, participated in the session held by the United Nations Office for South-South Cooperation (UNOSSC) in cooperation with the Islamic Development Bank (IsDB), titled “Advancing Strategic Alliances: Leveraging Private Sector Strength in the Global South”, as part of the High-Level Week of the United Nations General Assembly (UNGA), the 79th session of the Assembly and the “Summit for the Future” in New York.

 

The session attended by Ms. Ms. Dima Al-Khatib, Director of the United Nations Office for South-South Cooperation (UNOSSC), and Dr. Issa Faye, Director General of Global Practice and Partnership at the Islamic Development Bank (IsDB).

 

In her remarks,  the Minister of Planning, Economic Development and International Cooperation emphasized that the successive crises that the world has faced since 2020 had demonstrated the importance of exchanging experiences between countries of the Global South to build effective institutions, develop capacities, and find sustainable solutions that contribute to achieving growth and equality, underscoring the awareness of the countries of the South of the importance of finding new and innovative ways to address common challenges, and exploring ways to achieve a more prosperous and resilient future.

 

The Minister added that South-South cooperation provides a model for global partnerships based on enhancing national and collective self-reliance, while prioritizing transparency and accountability, affirming that Egypt is activating economic cooperation among the countries of the South and triangular cooperation by benefiting from partnerships, sharing knowledge, building on successful practices, and enhancing regional cooperation among countries of the Global South, which represents a key mechanism for supporting economic development and accelerating the achievement of sustainable development goals.

 

Al-Mashat pointed out that Egypt launched its strategy to strengthen South-South and triangular cooperation in 2023, reflecting its commitment to playing a more active role in enhancing knowledge exchange between countries of the South, and building on successful development experiences with development partners.

 

In addition to the Ministry’s success in hosting workshops to share knowledge and experiences with the participation of African countries, with the aim of sharing successful practices and policies in areas including integrating climate change adaptation into cooperation policies, enhancing private sector participation in adaptation, supporting small and medium enterprises, and national platforms to encourage private investment in development projects in line with national priorities and sustainable development goals.

 

The Minister also expressed her aspiration to expand cooperation with the countries of the Global South to enhance inclusive growth and strengthen cooperation between emerging markets and developing countries, as part of Egypt’s membership in the BRICS group and its financial arm, the New Development Bank (NDB), confirming the importance of comprehensive partnerships in bringing together a diverse group of relevant parties to engage in partnerships aimed at unifying efforts towards a more flexible and sustainable future led by qualitative growth, while emphasizing that no one should be left behind.

 

The Minister of Planning, Economic Development and International Cooperation reviewed the structural reform measures implemented by Egypt since 2014, in the renewable energy sector, which enhanced the attraction of foreign investments to the sector, and the implementation of pioneering projects, including the Benban Solar Energy Complex.

 

Al-Mashat also noted that the Country Platform for Green Projects, the “NWFE” programme, which links the Nexus of Water, Food and Energy projects to accelerate investment in climate, as the platform uses a blended finance approach to secure soft financing that helps reduce risks associated with climate projects and attract large private investments in this field.

 

Moreover, Al-Mashat highlighted the “HAFIZ” platform, for financial and technical support to the private sector, which was launched in December 2023 and works as an integrated platform to link the private sector with the resources provided by international financing institutions, and to enhance the role of the private sector in Egypt and abroad, while seeking to increase its contribution to economic activity to 65%, which ensures that local and international entities can effectively enter and expand in the Egyptian market.

 

Al-Mashat also noted that developing and emerging countries can work to adapt climate investments and private sector participation to their national contexts, by benefiting from cooperation among countries of the South and knowledge exchange, which ensures a sustainable and equitable future for all, stressing Egypt's commitment to working with global partners to achieve these goals.