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Daily News Egypt
a day ago
- Business
- Daily News Egypt
Madbouly represents Egypt at 4th UN Conference on Financing for Development in Seville
Egyptian Prime Minister Mostafa Madbouly represented President Abdel Fattah El-Sisi at the opening session of the 4th International Conference on Financing for Development, held in Seville, Spain, from 30 June to 3 July 2025. The conference brought together King Felipe VI of Spain, over 70 heads of state and government, leaders of international financial institutions, civil society organisations, philanthropic foundations, and private sector representatives—particularly from the energy, food systems, and digital sectors. In his opening remarks, King Felipe VI underscored the urgency of honouring development financing commitments, enhancing multilateral cooperation, and enacting effective policies to support future generations. Speaking at the launch of the Seville Action Platform, Prime Minister Madbouly welcomed the initiative as a timely effort to mobilise governments, development partners, financial institutions, and the private sector to collectively assess challenges, exchange experiences, and promote innovative solutions to accelerate progress toward the Sustainable Development Goals (SDGs). Madbouly highlighted Egypt's leadership within the platform and its recognition as a successful development model, particularly through its implementation of the Integrated National Financing Framework (INFF)—a tool aligning reforms, investment flows, and the Egypt Vision 2030 strategy. He also pointed to the NWFE (Nexus of Water, Food and Energy) platform as a mechanism for channelling investment into bankable projects within those critical sectors. He noted that Egypt's INFF framework prioritises investment in key areas including education, healthcare, social protection, sanitation, and transport, while also addressing cross-cutting themes such as environmental sustainability and gender equality. He spotlighted Egypt's flagship social programmes—the 'Takaful and Karama' cash transfer scheme and the Decent Life initiative—serving over 60 million people across more than 4,500 villages. Spanish Prime Minister Pedro Sánchez, who also serves as President of the Conference, called for substantive reforms to international financial institutions to make them more equitable and representative. He emphasised the importance of inclusive global dialogue to tackle pressing development financing challenges. UN Secretary-General António Guterres addressed the disruptive effects of geopolitical tensions on development, stressing the need for innovative financing mechanisms and reforms to enhance transparency and inclusivity within global financial systems. UN General Assembly President Philemon Yang echoed these concerns, highlighting the urgency of achieving the 2030 SDGs, alleviating debt burdens on developing countries, and providing accessible financing tools. Representatives from the UN Economic and Social Council, World Bank, IMF, and WTO also called for coordinated action and strengthened support for low-income nations. On the sidelines of the conference, Prime Minister Madbouly met with Nardos Bekele-Thomas, CEO of the African Union Development Agency (AUDA-NEPAD). Madbouly reaffirmed Egypt's commitment to supporting NEPAD's development agenda and pledged to maximise the impact of Egypt's remaining tenure as AUDA-NEPAD chair. Bekele-Thomas outlined recent efforts to mobilise resources, including the creation of a dedicated development fund and the launch of a Centre of Excellence for Climate Resilience. Egypt pledged its support for the centre and reaffirmed its intent to enhance cooperation through its Ministry of Planning and Ministry of Foreign Affairs. Madbouly also held talks with Mohammad Mustafa, Prime Minister of Palestine, where he reaffirmed Egypt's steadfast support for Palestinian rights and President El-Sisi's ongoing efforts to broker a ceasefire and facilitate Gaza's reconstruction. He stressed the importance of convening a comprehensive reconstruction conference once hostilities cease and confirmed continued coordination with Palestinian authorities. Madbouly expressed his deep gratitude for Egypt's historic and ongoing support, particularly in humanitarian aid and reconstruction. He noted efforts underway to organise an international peace conference in New York and praised Egypt's leadership in advocating for a just solution, including the establishment of a sovereign Palestinian state with East Jerusalem as its capital. Prime Minister Madbouly's participation and high-level meetings reflect Egypt's active diplomatic engagement in shaping global and regional development agendas, and its continued efforts to contribute to international dialogue on sustainable financing.
See - Sada Elbalad
19-03-2025
- Business
- See - Sada Elbalad
Al-Mashat Reviews Egypt's Integrated National Financing Strategy
Israa Farhan H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, presented the details of Egypt's Integrated National Financing Strategy (E-INFS) during a high-level event held under the patronage of Prime Minister Dr. Mostafa Madbouly. The event was also attended by: Dr. Khaled Abdel Ghaffar, Deputy Prime Minister for Human Development and Minister of Health and Population; Mr. Ahmed Kouchouk, Minister of Finance; Dr. Maya Morsy, Minister of Social Solidarity; Engineer Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities; Mr. Mohamed Abdel Latif, Minister of Education and Technical Education; Ms. Elena Panova, UN Resident Coordinator in Egypt; Mr. Alessandro Fracassetti, UNDP Resident Representative; along with representatives from international financial institutions, ambassadors, and members of Parliament. The First Strategy of Its Kind H.E. Dr. Al-Mashat emphasized that the Integrated National Financing Strategy is the first of its kind in Egypt. It follows the global approach of the Integrated National Financing Framework (INFF), providing a cohesive national framework for financing and resource mobilization in line with the SDGs within Egypt's Vision 2030 and the Addis Ababa Action Plan. The strategy identifies financing gaps and improves resource allocation to priority sectors. Al-Mashat noted that around 86 countries have launched integrated national financing frameworks, many of which have successfully mobilized new sources of financing to achieve the SDGs. H.E. highlighted that the strategy is being implemented by the Ministry of Planning, Economic Development, and International Cooperation, in collaboration with the UN Resident Coordinator in Egypt and partner UN agencies: the United Nations Joint Fund for Financing the Sustainable Development Goals (the Joint SDG Fund), the United Nations Development Program (UNDP), the International Labor Organization (ILO), UNICEF, UN Trade and Development (UNCTAD), and UN Women. The strategy addresses three key questions: the financing needed to achieve the SDGs, current financial sources and flows, and opportunities to increase and diversify financing. Mobilizing Financing to Bridge Development Gaps Al-Mashat added that the strategy focuses on mobilizing sustainable financing to bridge financing gaps and mitigate financial risks. It promotes a transition from traditional financing mechanisms to comprehensive strategies aimed at achieving the SDGs. The strategy seeks to align public and private financing with Egypt's strategic priorities, encourage private sector investments, and increase the efficiency of public expenditures. It also aims to develop a roadmap for sustainable and innovative financing to mobilize public and private resources at both local and international levels. In March 2021, the Ministry, in partnership with the UN Resident Coordinator's Office in Cairo, signed the "Financing Strategy for the SDGs in Egypt" project, supported by the Joint SDG Fund. The strategy identified six priority sectors, including social protection, education, health, water, sanitation, transportation, and women's empowerment. Climate change was later added as a key sector due to its growing importance. Components of the Integrated National Strategy for Sustainability and Financing for Development H.E. outlined the strategy's main components, which include identifying financing gaps for priority sectors as a percentage of GDP until 2030, conducting a comprehensive analysis of public and private financing sources, and establishing a framework for investment policies. The strategy also seeks to enhance the investment environment by simplifying regulatory procedures, improving governance, and supporting public-private partnerships. Roadmap for Sustainable and Innovative Financing The strategy establishes a roadmap to enhance public and private resource flows by improving revenue collection efficiency, increasing budget transparency, and expanding innovative financing mechanisms. A governance approach ensures effective coordination between national entities through a supervisory committee and technical working groups. Follow-up and evaluation mechanisms will track progress toward achieving the SDGs. Al-Mashat emphasized that the government is committed to implementing reforms, including tax reforms, debt sustainability measures, promoting public-private partnerships in infrastructure projects, attracting foreign direct investment, and expanding innovative instruments like Islamic finance sukuk, sustainable development bonds, and venture capital. Institutional Integration H.E. discussed the institutional integration following the merger of the Ministry of Planning, Economic Development, and International Cooperation. This integration supports financing for development efforts by enhancing coordination and collaboration. The ministry plays a key role in preparing, implementing, and monitoring economic and social development plans to ensure investments align with development goals. The Ministry also chairs the Financing for Development Working Group, which estimates financing needs across various sectors and directs resources to them. The "NWFE" program was highlighted as a country platform combining innovative and blended financing mechanisms to drive climate and development efforts. The Integrated National Strategy in the Context of the Ministry Merger Al-Mashat emphasized that the merger of the ministries aligns financing strategies with national development priorities and provides a unified framework linking economic and social development plans with financing efforts. This integration enhances public spending efficiency, ensures sustainable financing, and maximizes the use of international partnerships. Addis Ababa Action Agenda 2015 Al-Mashat noted that the Addis Ababa Action Plan laid the foundation for national integrated financing frameworks in 2015, establishing a global framework for financing the 2030 Agenda for Sustainable Development. The plan emphasized the importance of national development strategies supported by integrated financing frameworks to mobilize the resources needed to achieve the SDGs. Many countries are aligning their national priorities with the SDGs, but strategies still require further refinement. H.E. concluded by highlighting the global significance of integrated national financing frameworks, especially in light of escalating debt challenges in developing countries. 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