Dr. Rania Al-Mashat Conveys Several Messages to the International Community on Reducing Financing Costs and Expanding Debt-for-Development Swap Solutions to Alleviate Burdens on Developing Countries
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in a high-level ministerial dialogue on "Lowering Borrowing Costs and Advancing Development-Oriented Debt Solutions'.
This comes as part of the Financing for Development Forum organized by the United Nations Economic and Social Council (ECOSOC) in New York, within the preparatory meetings for the 4th International Conference on Financing for Development, scheduled to be held in Seville, Spain, next June.
During her speech, H.E. Dr. Rania Al-Mashat emphasized the significance of cooperation with various national parties, as well as cooperation with international partners, to support the achievement of development goals.
H.E. Dr. Al-Mashat pointed out the necessity for countries to be clear in announcing their reform programs, which enhances credibility and contributes to reducing borrowing costs, as their absence leads to an increase in these costs. Therefore, conveying clear messages about reforms and emphasizing private sector engagement has become a top priority.
Regarding the required financing volume, H.E. Minister Al-Mashat indicated that the financing needed to achieve the Sustainable Development Goals (SDGs) and climate action is enormous, and this financing can only be mobilized through genuine private sector participation. However, this participation will only materialize if governments provide a clear and transparent competitive environment that attracts private sector investments.
On how to provide this financing, the Minister of Planning, Economic Development and International Cooperation highlighted that global economic developments have caused a tightening of fiscal space, especially in terms of concessional development financing.
H.E. Dr. Al-Mashat reiterated that despite the availability of blended finance instruments and grants, one of the challenges hindering access to financing is often the lack of bankable projects. This highlights the importance of cooperation, knowledge sharing between countries, and leveraging replicable development experiences.
H.E. Minister Al-Mashat pointed to the success of the national efforts in launching the "NWFE" program, which has become a model for country platforms that attract investments through clear and private sector-stimulating projects.
Regarding national efforts in economic and structural reform, H.E. Dr. Al-Mashat affirmed the government's commitment to continue the economic reform path, transparency in development cooperation projects, addressing the SDGs financing gaps, and encouraging private sector participation.
H.E. Dr. Al-Mashat underscored that Egypt has strong and distinguished relationships with international financing institutions and development partners, enabling it to maximize the benefits of development financing resources and technical support.
H.E. Dr. Al-Mashat then reviewed the rising debt, which has become a challenge facing many developing countries, particularly in Africa, consuming a significant portion of financial resources for interest payments.
H.E. Minister Al-Mashat pointed out that to overcome these problems, it is necessary to increase efforts to mobilize domestic resources by developing capital markets, increasing private sector investments, maximizing asset utilization, and proceeding with reforms that contribute to reducing financing costs and advancing the development path.
H.E. Dr. Al-Mashat outlined that Egypt, over the past years, has strengthened its partnership with the international community to expand debt-for-development swap programs with bilateral partners, redirecting the equivalent of these debts to projects with developmental impact in multiple sectors.
H.E. Dr. Al-Mashat noted that the debt swap mechanism has become an innovative tool that contributes to alleviating debt burdens on countries and improving their credit ratings. She affirmed that with current global developments, there is greater acceptance of debt swaps or restructuring in general, as markets have become more receptive to these instruments compared to the past.
H.E. Dr. Rania Al-Mashat concluded her speech by reaffirming the importance of governments continuing to boost reform agendas with clarity and transparency, more than ever. Many reforms related to mobilizing domestic resources can open up greater fiscal space.
H.E. Minister Al-Mashat confirmed that international financial institutions and multilateral development banks remain essential partners in mobilizing financing, especially for the private sector, provided projects are ready and plans are clear. She also highlighted the proven effectiveness of bilateral debt swaps.
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Al-Ahram Weekly
38 minutes ago
- Al-Ahram Weekly
A candidate for modernisation and consensus - World - Al-Ahram Weekly
The likely appointment of former Egyptian foreign minister Nabil Fahmy as next chief of the Arab League promises a new lease of life for the pan-Arab organisation. It is only a matter of time before Cairo makes the official announcement of the nomination of its former top diplomat, Nabil Fahmy, as the next and ninth Arab League secretary general for a term of five years possibly renewable for a successive term. On Saturday evening, the Saudi magazine Al-Majalla quoted a diplomatic source as saying that Fahmy, foreign minister of Egypt from 2013 to 2015, will be the next chief of the close to 80-year-old Arab organisation. The news came after much speculation about the fate of the position that is set to be vacant shortly as the current League chief, Ahmed Abul-Gheit, is wrapping up his mission after two terms that started in June 2016. Like Fahmy, Abul-Gheit and almost every predecessor since the start of the organisation under King Farouk of Egypt in 1945 was a top Egyptian diplomat. The only exception to this de facto rule was Chedli Klibi, who headed the organisation upon the transfer of its headquarters from its home in Cairo to a temporary base in Tunis between 1979 and 1990 during the Arab boycott of Egypt over its signing of the first ever Arab-Israeli Peace Treaty. According to informed diplomatic sources in Cairo, the nomination of Fahmy was a guarantee for Egypt to maintain the de facto practice that has kept the seat of secretary general for the country that hosts the League's headquarters. 'Fahmy was the only candidate in Egypt that could be sold to all the Arab capitals at a time of increasing debate over the concept of rotating the position of the secretary general,' a source said. The call to rotate the League's secretary general among other Arab countries started in 2000, when several member states proposed the need for different operations of the organisation following a decade of turmoil that had challenged the basic concepts of pan-Arabism due to the Iraqi invasion of Kuwait in 1990 and the subsequent US-led war to liberate Kuwait launched in January 1991. There was also a growing realisation of the changing mandate of the organisation in view of the changing regional dynamics following the Madrid Peace Conference held in October 1991 to pave the way for a political settlement of the Arab-Israeli struggle, with the Palestinian cause at its very heart at the time. 'Despite the clout that [Egypt's former president Hosni] Mubarak maintained at the time, there was a push, jointly designed by some in North Africa and some in the Gulf, for the first non-Egyptian secretary general,' said a former Egyptian diplomat privy to the consultation. A former Yemeni prime minister was initially proposed as a candidate to take over from Esmat Abdel-Meguid who had served two terms starting in May 1991. 'At the time, several Arab countries declined Egypt's proposal for a two or one-year renewal for Abdel-Meguid pending further consultation on his succession,' the same diplomat said. The diplomat recalled that to avert an inter-Arab dispute, on the one hand, and an abrupt end to the de facto policy of keeping the organisation's top job for the country hosting its headquarters, on the other, Egypt decided to nominate the prominent and widely popular top Egyptian diplomat Amr Moussa. Once the nomination of Moussa came out in mid-February 2000, the Yemeni prime minister notified Cairo and other capitals that he was not going to run. This week, sources said that the nomination of Fahmy had come with a similar scenario. With Egypt not wanting to lose the de facto right to the seat, it acted to accommodate two things: the first was the rotation of the top League job, and the second was coming up with a candidate who would be hard to decline or contest. The same sources said that Fahmy was not necessarily the first choice. However, he emerged as the best and most consensual candidate. 'Some capitals indicated that it was only if Fahmy was nominated that they would condone the continued Egyptian de facto right to the seat of secretary general, at least for this upcoming term,' they said. F AHMY'S TENURE: It was not immediately clear when Fahmy will be appointed. Technically speaking, Abul-Gheit's second term ends in mid-May 2026. However, given the fact that the standard practice is for the new secretary general to be approved by an Arab summit, the end of Abul-Gheit's tenure and the beginning of Fahmy's might have to wait for the next regular Arab Summit in March 2026. At least three sources said that this would be the case. A couple of others said that the nomination of Fahmy might be passed through either of two ways: the first would be the ordinary autumn foreign ministers' meeting due to convene in the first week of September; and the second would be at a possible emergency Arab summit over developments in Gaza. The situation there seems slated to deteriorate as Israeli Prime Minister Benjamin Netanyahu seems determined to move on with a plan to displace half of the Gaza population into the southernmost part of the Strip. For his part, Fahmy has declined to make any direct comments. Answering journalists' questions that started upon the publication of the story in Al-Majalla, the former top diplomat said that the issue was the prerogative of the Egyptian Foreign Service. However, unlike Prime Minister Mustafa Madbouli, speculated about as the leading nominee, Fahmy did not deny the news of the nomination. A source at the Egyptian Foreign Ministry said that there was no room either for speculation or anticipation. 'Fahmy is the consensual candidate. He has the support of most Arab capitals, including one that was considering running a candidate itself in order to start the practice of rotation,' the source said. He added that it is a formality for the nomination to be endorsed and for Fahmy to find his way to the office of secretary general at the League's Tahrir Square headquarters. Several sources, including some close to Fahmy himself, said that Egypt's former top diplomat, who was born in New York in 1951 and graduated from the American University in Cairo, was not expecting the nomination. Throughout his career in the Egyptian Foreign Service that started in the 1970s, Fahmy has seemed eligible for certain posts, including for his long-term post as Egypt's ambassador to Washington that started in 1999 and ended in 2008. When he came back from Washington, with an impressive performance in containing one of the highest periods of tension in Egyptian-American relations under the rule of former president Mubarak and during the two terms in office of US president George W Bush, Fahmy was expected to be appointed as foreign minister to succeed Abul-Gheit, who served as foreign minister from 2004 to 2011. However, with the January Revoulution things took a different path and it was only in June 2013 that Fahmy found his long-anticipated path to the office of Egypt's foreign minister overlooking the Nile prior to the move of government bodies to the New Administrative Capital. T OUGH MISSION: Fahmy came to the office at a crucial political moment, with considerable international speculation about the ouster of former president Mohamed Morsi after the 30 June 2013 revolution and the suspension of elements of Egyptian-American military cooperation and also the holding up of Egypt's membership of the African Union. At the time, Egyptian diplomats were saying that the country's diplomacy was on 'thin ice' following the political changes in 2013. During his almost one year in office, Fahmy told his aides that the key aim was to relaunch Egypt as a major regional power following two years of internal hiccups that had started with the 25 January Revolution and been followed by the 2013 ouster of Morsi in June 2012. One of Fahmy's closest aides at the time said that 'it is a very tough challenge that Fahmy is facing, since our foreign policy has been on the decline for a while. It did not start with Morsy. It had been this way during the last few years of Mubarak.' In his memoir, published originally in English in 2020 under the title Egypt's Diplomacy, in War, Peace and Transition and later in Arabic in 2022 under the title of Fi qalb al-ahdath (At the Heart of the News), Fahmy details the complexities of the 2013 moment that went beyond the international perception of the nature of political change in Egypt to include pending challenges and especially the dispute between Egypt and Sudan, on the one hand, and Ethiopia, on the other, over the construction, filling, and operation of the Grand Ethiopian Renaissance Dam (GERD). Fahmy used his 12 months in office to remove the suspension of Egyptian membership in the AU, impose a ban on the financing of the GERD, and maximise the use of the support offered by some Arab Gulf capitals to open doors that were being shut in several world capitals. In conducting his mission as Egypt's top diplomat, Fahmy also kept an eye on some crucial files that he was very well informed about, especially as a member of Egypt's diplomatic mission in Geneva, and notably with regard to the non-proliferation of weapons of mass destruction in the Middle East. He was also very much aware of the centrality of the Palestinian cause, which he had worked on extensively during his years as political adviser to foreign minister Amr Moussa in the 1990s and during which he took part in the Egypt delegation to the Madrid Peace Conference and followed a sequence of Palestinian-Israeli talks from the 1993 signing of the Oslo Accords onwards. Reaching out for international cooperation was also a top priority that Fahmy was well aware of owing to his two ambassadorial terms in Tokyo and Washington. However, unlike the previous steps in his diplomatic career, Fahmy was working under very stressful conditions. He kept in close contact with then minister of defence Abdel-Fattah Al-Sisi, whose political rise was already charted. The coordination between the Foreign Service, on the one hand, and security and economic officials, on the other, is referenced in his memoir as part of the national sharing of responsibility regarding top foreign policy and national security issues. U PHEAVAL: 'Upheaval in the Middle East' is the title that Fahmy chose for the section of his book on the Arab-Israeli struggle. The starting point of the story, as perceived by Fahmy, was the devastating defeat of the Arab armies in the 1967 War that allowed Israel to occupy all of historic Palestine, all of the Sinai Peninsula, and large parts of Syrian and Jordanian territory. A second equally unsettling moment that Fahmy's book moves to after the 1967 War is another war and a 'moment of tectonic change in the Arab region [that] came with the Iraqi invasion of Kuwait in the summer of 1990.' This war, Fahmy, then a diplomat at the Egyptian mission in New York, had earlier seen signs of and had feared its overwhelming impact on the region. 'The Iraqi invasion entailed drastic and traumatic regional repercussions in the Arab world. It divided the Arab world, but most importantly it also prompted the Arab Gulf states to focus on sub-regional cooperation and become fully dependent on American security,' Fahmy wrote. 'For them, this was not simply a territorial disagreement between neighbouring Arab states but a fully-fledged existential invasion from within the Arab world itself, which was an anomaly in contemporary political relations.' Theories about connections between the October 1973 War and the Iraqi invasion of Kuwait are neither overlooked nor embraced by Fahmy. He writes that 'some Middle East experts suggest that after being shocked by the Arab oil embargo in 1973, the United States intentionally encouraged [former Iraqi president Saddam] Hussein to invade Kuwait in order to decimate the burgeoning Iraqi military capacity and emerging nuclear programme.' 'This was perceived by them as an attempt to preempt the emergence of a strong, more independent Arab regional player with control over substantial oil reserves and the potential to pose a security threat to Israel.' However, Fahmy's book is more about dissecting what happened on the ground than what the experts thought at the time. According to this part of his book, the 1990 Iraqi invasion of Kuwait crushed whatever semblance of pan-Arabism had survived the crushing military defeat of 1967. Consequently, he argued that a new regional order was in the making along with the pursuit of a political settlement to the Arab-Israeli struggle, with the participation of all the countries that had boycotted Egypt after former president Anwar Al-Sadat's peace-making with Israel. Today, as he prepares himself to enter a new chapter in his diplomatic career, Fahmy is only too aware of the crucial moment that the region is passing through. In an article published on the opinion pages of the Egyptian daily Al-Shorouq on 5 August under the title of 'The Necessary Choices for the Arab World,' Fahmy wrote that 'the Middle East is not stable and is going through a reshuffle moment.' Some of the changes that are unfolding today, he argued, are inevitable due to the natural evolution of political and economic dynamics, while others are being forced on it, especially as the aspirations of non-Arab members of the region, especially Israel, assume a dominating role. This, he wrote, is happening as the world order is going through a transition towards an undefined destination that may or may not take it from a single-polar to a multi-polar regime, with many countries building their policies on a zero-sum approach. With such changes happening, Fahmy wrote, the Arab World needs to live up to the challenges it is facing and to pursue development and reconstruction. Given the date of the publication of his piece, it is not hard to conclude that these are going to be the defining concepts that Fahmy will have in mind for his overall agenda for the future of the Arab League. It is no secret that he will need to use all his expertise on the Palestinian cause to help reconcile the conflicting views of the Arab capitals on the way forward in view of the genocidal war that Israel is conducting against the Palestinians in Gaza along with the resumption of aggressive and illegal settlement policies in the West Bank. In so doing, Fahmy will lean on his long years of bilateral and multilateral diplomacy, especially his close-to 10 years in Washington where he built solid ties in the capital of world politics. Meanwhile, there are also many other pressing challenges that he will need to attend to, including the current armed conflicts in Sudan, Somalia, and Syria, inter-Arab tensions in North Africa and the Gulf, and the expanding weight that non-Arab neighbours have taken in the Arab countries. In his piece, Fahmy spoke clearly against attempts to water down the Arab identity of the region. In an article published earlier this summer in the Saudi-owned Independent Arabia, he wrote about the need to fully re-integrate Syria into the Arab world and for a coordinated Arab position to face up to Israeli plans against Palestinian rights. According to diplomatic sources informed on the dynamics of the secretariat of the Arab League, one of Fahmy's tougher missions will be the creation of a sense of collective ownership, away from any sense of entitlement, towards this pan-Arab organisation that has come under much criticism, especially as a result of the genocidal war on Gaza. Those who know Fahmy well say that he will not just seek harmony but also innovation and creativity. His years as founding and long-serving dean of the School of Global Affairs and Public Policy at the American University in Cairo, they say, testify to his commitment to promoting modernisation. They also say that as much as Fahmy was very keen during his career to be credited for his own work rather than for being the son of a renowned foreign minister, Ismail Fahmy, he will be also keen in his new post to dispel concerns that his Egyptian nationality could impose an Egyptian perception on the agenda of the collective Arab regime. * A version of this article appears in print in the 21 August, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
2 hours ago
- Egypt Independent
Dutch FM regrets incident at the Egyptian embassy in The Hague
Egyptian Foreign Minister Badr Abdelatty received a phone call on Monday from Dutch Foreign Minister Caspar Veldkamp as part of their regular consultations on ways to strengthen bilateral relations and exchange views on the latest developments in the Gaza Strip. Abdelatty stressed the importance of providing security protection for the Egyptian diplomatic mission in the Netherlands, noting the Dutch responsibility under international law to protect it from any violations. He referred to the attack on the Egyptian embassy building in The Hague. and the Dutch responsibility to prevent its recurrence, which led to measures being taken by the Dutch side in this regard. The Dutch Minister expressed his deep regret over the incident. Veldkamp indicated that he had spoken about the matter with the relevant security authorities and that they intend to intensify security measures at the Egyptian embassy, in line with the responsibilities of the host country under relevant international agreements. He emphasized the close relations between his country and Egypt, based on mutual respect and shared interests. Veldkamp also emphasized the importance of advancing bilateral relations in various fields, particularly in the economic, trade, and investment sectors, and enhancing cooperation across various sectors to serve the interests of both peoples. The two ministers exchanged views on developments in the Middle East, particularly the catastrophic state of the Gaza Strip. Abdelatty assured his Dutch counterpart of Egypt's ongoing intensive efforts to reach a truce that includes a ceasefire, unrestricted aid entry, and the release of a number of Palestinian prisoners. He also emphasized Hamas's acceptance of most of the provisions of US envoy Steve Witkoff's proposal, and the importance of the Israeli side's approval for the proposal. Abdelatty noted that the Rafah crossing operates 24 hours a day on the Egyptian side and emphasized the importance of pressuring the Israeli side to open the crossings linking Israel to the Gaza Strip. He asked his Dutch counterpart to leverage the Netherlands' role within the European Union to halt the humanitarian catastrophe in Gaza. Edited translation from Al-Masry Al-Youm
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
UNDP Egypt Welcomes Chitose Noguchi as New Resident Representative
Ahmed Emam The United Nations Development Programme (UNDP) has announced the appointment of Ms. Chitose Noguchi as its new Resident Representative in Egypt, effective August 17, 2025. Noguchi officially assumed her post after presenting her credentials to Egypt's Ministry of Foreign Affairs. She succeeds Mr. Alessandro Fracassetti, who led UNDP Egypt for the past four years. The organization expressed its gratitude to Fracassetti for his leadership and contributions to advancing Egypt's inclusive and sustainable development agenda. Bringing more than 25 years of experience in international development and crisis response, Noguchi most recently served as Acting Special Representative and Deputy Special Representative with UNDP's Programme of Assistance to the Palestinian People (PAPP), where she headed the Gaza Sub-office. Her work has focused on emergency response, resilience building, governance, climate resilience, and sustainable resource management in some of the world's most challenging contexts. 'I am honoured to assume this role in Egypt and to build on the achievements of recent years,' Noguchi said upon her arrival in Cairo. 'My priority is to deliver concrete results that strengthen resilience and expand opportunities, in close partnership with the Government of Egypt, national and international partners.' Noguchi has also held senior leadership roles at UNDP Headquarters in New York, including as Global Programme Manager in the Bureau for Policy and Programme Support. In that capacity, she co-led the establishment of the UN Joint SDG Fund and oversaw global initiatives on institutional capacity development, quality assurance, and results-based management. Her career began with CARE International, where she served in various leadership positions, including Deputy Country Director in Vietnam and National Director of CARE Japan. She holds a bachelor's degree in law from the University of Tokyo and a master's degree in international development from George Washington University. Her appointment comes at a crucial time, as UNDP continues to support Egypt's Vision 2030 and the Sustainable Development Goals, with a focus on climate action, economic growth, job creation, and social protection. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
