Minister of Planning, Economic Development, & International Cooperation Discusses Sustainable Financing for Urban Development at the World Urban Forum (WUF)

Minister of Planning, Economic Development, & International Cooperation Discusses Sustainable Financing for Urban Development at the World Urban Forum (WUF)

Financing as a Global Commitment: The Minister emphasized that financing is a shared commitment among all countries and stakeholders to drive progress. Emerging economies, in particular, require more innovative financing mechanisms to attract investments.

  Building an Effective Financial Architecture: The Minister stressed the importance of establishing an effective global financial architecture, integrating public investments with international financing to maximize development impact.

Structural Reforms for a Stronger Investment Climate: Ongoing structural reforms were highlighted as essential for improving the business environment, attracting both domestic and foreign investments, and empowering the private sector.

Public-Private Partnerships: The Minister underscored that partnerships between governments and the private sector are crucial to ensuring the sustainability of development efforts.

Upcoming International Conference on Financing for Development: The Ministry is preparing to participate in the International Conference on Financing for Development in Spain.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in the "Financing Sustainable Urban Development" session as part of the roundtable discussions on the Future Global Action Plan on Housing and Infrastructure Finance. This session was held during the World Urban Forum (WUF), hosted in Cairo from November 4th to 8th. The session featured the participation of Mr. Ahmed Kouchouk, Minister of Finance; Ms. Anacláudia Rossbach, Under-Secretary-General of the United Nations and Executive Director of the United Nations Human Settlements Programme (UN-Habitat); and representatives from the World Bank Group.

In her remarks, H.E. Dr. Rania A. Al-Mashat emphasized the critical role of financing in addressing key global challenges such as climate change, adaptation, innovation, bridging energy gaps, and mobilizing private investments—issues that are all fundamentally linked to financing.

Dr. Al-Mashat highlighted the importance of integrating citizens' needs into these discussions, reinforcing a comprehensive vision that positions financing as a central, ongoing commitment at the national level. She further stressed that this commitment is shared globally among all countries and stakeholders, working collectively to achieve common goals that ensure sustainable progress.

H.E. Dr. Rania A. Al-Mashat emphasized the World Bank Evolution Roadmap, which includes establishing a financial framework that fosters global cooperation and enhances the efficiency of resource allocation. This framework ensures that limited resources are directed toward critical global development efforts, which should remain a top priority. By adopting this approach, we have a significant opportunity to design financing strategies that pool resources for the benefit of all.

Dr. Al-Mashat further noted that a key focus within the World Bank’s development framework is the creation of an effective financial architecture. This involves linking domestic public finance with international financial networks, facilitating collective progress, aligning with national priorities, supporting global goals, and maximizing development impact.

She stressed the importance of flexibility in addressing various financing gaps, particularly when discussing how to reduce inefficiencies and leverage national financing within countries. Clarity on this issue is essential, especially in terms of maximizing the use of available financial resources.

H.E. Dr. Al-Mashat also reiterated the need for emerging economies to adopt more innovative financing mechanisms to attract investments and drive their development efforts forward.

The Minister emphasized the need for a fair environment and the creation of reforms that enable the state to effectively leverage financing. She highlighted the importance of cooperation with development partners, noting that recent legislative changes have facilitated private sector investments in numerous projects. These investments have accelerated urbanization and development across the country. The government plays a key role in safeguarding public investment while committing to necessary regulatory reforms that attract private capital, particularly in projects focused on addressing climate change.

The Minister also noted that national strategies are closely aligned with the strategies agreed upon with international partners, forming an integrated framework that governs these relationships. This framework ensures the provision of optimal support through joint efforts. The key pillars underpinning these partnerships include the green transformation, inclusivity of all societal groups, and digital transformation.

H.E. Dr. Rania A. Al-Mashat further emphasized the importance of establishing clear plans for each development project, stating that this is a crucial element in the state’s strategy. Such plans must be aligned with national climate standards and reflect the aspirations of future generations. She underscored the critical role of public-private cooperation, supported by national resources, in achieving these goals. This includes updating legislation and providing the necessary technical and political backing to ensure the successful implementation of policies that serve the long-term interests of both the state and its citizens.

 

H.E. added that in the context of transforming service delivery and improving access to facilities, it is equally important to be prepared to address emerging challenges. She highlighted the need to explore new partnerships that can help overcome these obstacles, stressing that collaboration between governments and the private sector is crucial for sustaining progress.

Moreover, H.E. Dr. Rania A. Al-Mashat highlighted the importance of resource allocation that ensures a balance across all regions, taking into account the specific needs of each region or social group. This approach aims to improve the standard of living for all citizens, whether in urban or rural areas. She pointed to the development of human capital as a fundamental pillar for building a strong and effective government structure. She also emphasized the vital role of local units in the development process, noting that enhancing their capacity will allow them to provide innovative solutions tailored to regional needs and make informed decisions based on their local realities.

In conclusion, H.E. Dr. Rania A. Al-Mashat reiterated that addressing today's challenges is a shared responsibility. No single entity can achieve the necessary change alone—continuous cooperation and coordination among all stakeholders are essential. Through collective efforts, we can achieve tangible results that positively impact both local and global communities.