Ministry of Planning and Economic Development and International Cooperation Participates in World Food Programme Roundtable on Scaling Up Debt Swaps for Development and Building Resilient Food Systems

The Ministry of Planning and Economic Development and International Cooperation participated in a roundtable organized by the World Food Programme and hosted by Spain on "Debt Swaps for Sustainable Development: Building Resilient Food Systems for the Future."

 

The roundtable was attended by representatives from a number of Paris Club member states and other European countries, countries benefiting from debt swap programs in Africa and Latin America. The event also involved major multilateral development banks, United Nations agencies, financial institutions from the private sector, and civil society organizations.

 

Discussions during the roundtable focused on exploring practical ways to strengthen the policy and operational frameworks for debt swaps, in addition to mobilizing global support for integrating this tool into the international development finance agenda. The Egyptian experience in debt swaps for development and the role of the Ministry of Planning and Economic Development and International Cooperation in this regard were also reviewed, given the strong bilateral relations it has with a number of countries.

The Ministry presented examples of Egypt's successful experiences, highlighting cooperation with Italy and discussing the debt swap program with Germany within the framework of the "NWFE" initiative. The pivotal role of the debt swap program with Italy, which has funded 114 development projects in various sectors, was discussed. Additionally, the debt swap program with Germany and the development projects implemented within the program in the areas of school nutrition, quality education, rehabilitation of hydroelectric power stations, and improvement of drinking water and sanitation services. The Ministry also highlighted the ongoing projects under the 3rd tranche of the swap, which include projects to combat school dropout and child labor, as well as projects in the energy sector.

Regarding the debt swap with Italy, the Ministry's discussions focused on how to implement the three phases of the program and the developmental impact of these projects, which included food security, women's empowerment, and environmental protection.

The Ministry of Planning and Economic Development and International Cooperation outlined three main pillars during the discussions to ensure the success of debt swap programs: effective partnerships, national ownership and integration, and a strong governance structure.

The roundtable is expected to provide important results and recommendations on expanding the use of debt swaps as an innovative financing tool, in preparation for the 4th International Conference on Financing for Development, scheduled to be held in Seville, Spain, in June 2025. These outcomes are expected to support the development of new policies that contribute to enhancing the fiscal space of developing countries, enabling them to achieve the Sustainable Development Goals by 2030. This conference is an important global platform that brings together decision-makers from governments, international financial institutions, the private sector, and civil society to discuss challenges and opportunities related to financing sustainable development.