Minister of Planning, Economic Development, and International Cooperation Continues her Participation in the 2025 World Economic Forum in Davos

"Al-Mashat" participates in high-level events discussing efforts to address debt challenges in developing countries and advance climate action.

"Al-Mashat": Continued structural reforms strengthen macroeconomic stability and enhance resilience to shocks.

There is a need to restructure the global financial system to better meet the needs of emerging economies.

Global investments in renewable energy are still below expectations, despite increases in recent years.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, continued her participation in the annual meetings of the 2025 World Economic Forum in Davos, held under the theme "Collaboration for the Intelligent Age."

This participation aligns with the Ministry's efforts under Egypt's Vision 2030 to support economic and social development, achieve integration between local and external resources, and mobilize international partnerships to confront development challenges.

Debt Relief

H.E. Dr. Rania Al-Mashat participated in a discussion session on "Returning to Financial Stability: How to Ease the Debt Burden," alongside Mr. Muhammad Aurangzeb, Finance Minister of Pakistan; Mr. André Esteves, Chairman and Senior Partner at PTG Batchewal Bank, Brazil; and Ms. Rebeca Greenspan, Secretary-General of the UN Conference on Trade and Development (UNCTAD), Geneva.

H.E. Minister Al-Mashat emphasized that sustainable economic growth is achieved through several key factors, most notably macroeconomic stability, financial flexibility, investment-friendly policies, and structural reforms that solidify stability and enhance countries' ability to cope with fluctuations. This is done by encouraging private sector participation and promoting a shift to a green economy.

H.E. Dr. Al-Mashat also highlighted the significance of focusing on specific sectors that contribute to growth rates, citing Egypt's tourism sector as an example, which made positive strides in revenue and incoming tourism last year, despite regional tensions. Manufacturing is another focus area, with Egypt working on several growth-driving sectors and implementing ongoing measures, such as setting limits on public investments to allow the private sector to lead development efforts.

H.E. Minister Al-Mashat pointed out the importance of financing for development and the need for resources to achieve economic development, whether from local financing or international institutions. This necessitates the restructuring of the global financial system to assist middle-income countries with more innovative financial tools, particularly in light of ongoing global shocks and limited fiscal space.

H.E. Dr. Al-Mashat addressed Egypt’s distinguished partnerships with development partners, its ability to mobilize innovative development financing through mechanisms like debt-for-development swaps, with numerous programs being implemented in collaboration with Germany, Italy, and a recently signed Memorandum of Understanding with China.

The Minister mentioned that the Egyptian government has taken serious steps towards financial reforms to create fiscal space for funding social programs targeting vulnerable and middle-class populations, while simultaneously maintaining debt sustainability.

H.E. Minister Al-Mashat concluded her statement by underscoring the role of multilateral development banks in diversifying the financial tools available to countries, as well as the significance of green bonds and debt-for-development swap mechanisms. She noted that development financing has increasingly become available to the private sector, not just governments, with private sector financing now exceeding government financing in Egypt for the first time.

The Future of Climate Action

H.E. Dr. Al-Mashat delivered the opening speech at a high-level session on "The Future of Climate Action," which was part of the global "Swaniti" climate initiative that aims to address the intersection of climate, government, and access to targeted populations.

The session was attended by numerous government officials, private sector representatives, and development partners, including representatives from Bank of America, Amazon, the Bezos Earth Fund, ING Group, Japan International Cooperation Bank, and others.

H.E. Minister Al-Mashat emphasized the global risks posed by climate change, not only to ecosystems but to life in general, which necessitates accelerating international efforts to address the negative impacts of climate change. This requires innovative solutions to ensure a sustainable future for future generations.

H.E. Dr. Al-Mashat affirmed the necessity for increased efforts towards a just transition to clean energy and speeding up this transition globally, despite significant efforts already made and the increase in global renewable energy capacity.

H.E. Minister Al-Mashat cited the International Renewable Energy Agency (IRENA) estimates, which state that renewable energy must account for 70% of global electricity generation, reaching 91% by 2050. Achieving this goal requires tripling renewable energy capacity and mobilizing investments of $4.5 trillion annually.

H.E. Dr. Al-Mashat pointed out that despite progress in some regions, the global transition to renewable energy remains unequal, facing multiple challenges. This requires expanding investments, energy storage solutions, smart electricity grids, and addressing financing challenges, as global energy transition investments reached $1.7 trillion in 2023, yet this remains far from the required amount.

H.E.Minister Al-Mashat reviewed Egypt's efforts in expanding renewable energy, implementing the national sustainable energy strategy, launching the "NWFE" country platform, and issuing attractive incentives for the private sector.