Latest news with #NWFE
Zawya
2 days ago
- Business
- Zawya
Egypt calls for greater private sector role, debt swaps at G20 meeting
Egypt participated in the drafting and launch of the G20 Development Working Group Ministerial Declaration in South Africa, which called for enhancing domestic resource mobilisation and innovative financing mechanisms to address global challenges. The declaration, issued at the conclusion of the ministerial meeting, affirmed that development financing is a core priority and highlighted the urgent need to address illicit financial flows and strengthen the role of multilateral financing. Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, represented Egypt at the meeting. In her remarks, Al-Mashat highlighted the need to expand blended finance, public-private partnerships, and debt-for-development swap programmes, pointing to Egypt's experience with Italy, Germany, and China as a successful and replicable model. She stressed the importance of allowing the private sector to play an effective role in development financing, improving the governance of international financial institutions, and strengthening the United Nations' role in global economic structuring. She also called for updating the basis for calculating Debt Sustainability Analysis (DSA) to ensure a fairer assessment for developing countries. Between 2020 and May 2025, Egypt mobilised approximately $15.6bn for private sector financing from international partners, with $4bn allocated to the private sector within the 'NWFE' country platform, the ministry said. Al-Mashat also noted Egypt's experience in launching the 'Country Approaches for Financing Sustainable Development and Climate Action' initiative, which it co-leads with South Africa and various U.N. and international bodies. The initiative aims for 100 countries to implement integrated financing programmes funded by public, private, and philanthropic sources by 2030. 'We look forward to translating the outcomes of the development ministers' meeting into effective practices and tangible policy progress to ensure a more sustainable future for all countries,' Al-Mashat said. The G20 reaffirmed its commitment to the 2030 Agenda for Sustainable Development and its pledge to confront global challenges from debt to climate change and the SDG financing gap, which stands at an estimated $4.5 trillion annually. Egypt has been a recurring guest nation at the G20 since 2016. South Africa, which holds the G20 presidency until November 2025, has invited Egypt to participate in working groups and ministerial meetings for the duration of its tenure.
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Egypt, South Africa pledge to deepen development cooperation at G20 meeting
Egypt and South Africa have pledged to deepen their cooperation on development and align their perspectives on regional and global issues, Egypt's planning ministry said, following a meeting between the two countries' ministers on the sidelines of the G20 Development Ministerial Meetings. In a statement, the ministry said Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, met with Maropene Lydia Ramokgopa, South Africa's Minister in the Presidency for Planning, Monitoring and Evaluation, during the meetings hosted and chaired by South Africa. Al-Mashat expressed Egypt's appreciation for the invitation to participate in the G20 meetings, where it has been a guest nation for the past five years. She affirmed Egypt's commitment to coordinating with South Africa during its G20 presidency to advance the restructuring of the global financial system and achieve tangible progress in development financing. The minister also commended South Africa's leadership for highlighting the development challenges facing the African continent. The two ministers emphasised the strategic importance of the African Continental Free Trade Area (AfCFTA) in fostering economic growth and regional integration and called for closer cooperation to support its implementation. They also stressed the importance of expanding infrastructure projects across the continent, such as the Cairo–Cape Town Corridor, to drive development and boost competitiveness. Al-Mashat showcased Egypt's national structural reform programme and its flagship 'NWFE' programme for mobilising climate finance, noting that it was included, along with South Africa's national climate platform, in the final communiqué of the recent Fourth International Conference on Financing for Development in Seville. For her part, the South African minister praised Egypt's leadership in advancing development across Africa and amplifying the continent's voice in global forums. She commended Egypt's leadership of the African Union Development Agency (AUDA-NEPAD), which the African Union recently extended until February 2026. Al-Mashat also welcomed the final ministerial declaration from the G20 meetings, which emphasised the need to broaden social protection systems, combat illicit financial flows, and prioritise domestic resource mobilisation to close development financing gaps.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt calls for greater private sector role, debt swaps at G20 meeting
Egypt participated in the drafting and launch of the G20 Development Working Group Ministerial Declaration in South Africa, which called for enhancing domestic resource mobilisation and innovative financing mechanisms to address global challenges. The declaration, issued at the conclusion of the ministerial meeting, affirmed that development financing is a core priority and highlighted the urgent need to address illicit financial flows and strengthen the role of multilateral financing. Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, represented Egypt at the meeting. In her remarks, Al-Mashat highlighted the need to expand blended finance, public-private partnerships, and debt-for-development swap programmes, pointing to Egypt's experience with Italy, Germany, and China as a successful and replicable model. She stressed the importance of allowing the private sector to play an effective role in development financing, improving the governance of international financial institutions, and strengthening the United Nations' role in global economic structuring. She also called for updating the basis for calculating Debt Sustainability Analysis (DSA) to ensure a fairer assessment for developing countries. Between 2020 and May 2025, Egypt mobilised approximately $15.6bn for private sector financing from international partners, with $4bn allocated to the private sector within the 'NWFE' country platform, the ministry said. Al-Mashat also noted Egypt's experience in launching the 'Country Approaches for Financing Sustainable Development and Climate Action' initiative, which it co-leads with South Africa and various U.N. and international bodies. The initiative aims for 100 countries to implement integrated financing programmes funded by public, private, and philanthropic sources by 2030. 'We look forward to translating the outcomes of the development ministers' meeting into effective practices and tangible policy progress to ensure a more sustainable future for all countries,' Al-Mashat said. The G20 reaffirmed its commitment to the 2030 Agenda for Sustainable Development and its pledge to confront global challenges from debt to climate change and the SDG financing gap, which stands at an estimated $4.5 trillion annually. Egypt has been a recurring guest nation at the G20 since 2016. South Africa, which holds the G20 presidency until November 2025, has invited Egypt to participate in working groups and ministerial meetings for the duration of its tenure.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt's Al-Mashat holds bilateral talks on sidelines of G20 meeting
Egyptian Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, has held a series of bilateral meetings with international officials on the sidelines of the G20 Development Ministerial Meeting in South Africa. The discussions focused on the outcomes of the G20 meeting and the recent Seville conference on financing for development, as well as the future of bilateral economic relations in light of Egypt's national priorities, the ministry said in a statement. Al-Mashat met with delegations from France, Canada, Singapore, Spain, Japan, South Korea, and Portugal, as well as the heads of several international organizations, including the World Food Programme (WFP), the Organisation for Economic Co-operation and Development (OECD), the International Fund for Agricultural Development (IFAD), and the United Nations Industrial Development Organization (UNIDO). During the meetings, the minister discussed the need to restructure the global financial system to overcome development financing challenges, especially in developing and emerging economies. With French Minister of State, Thani Mohamed Soilihi, Al-Mashat discussed the significant progress in bilateral relations, particularly following the elevation of ties with the EU to a strategic partnership. They touched on French investments in Egypt and development cooperation in sectors like transport, energy, and education. In a meeting with Canada's Minister of International Development, Randeep Sarai, Al-Mashat expressed her desire to strengthen cooperation, especially in economic empowerment, climate action, and human development. She noted the previous successful collaboration with now-Prime Minister Mark Carney through Egypt's NWFE programme. Al-Mashat and Singapore's Senior Minister of State, Sim Ann, discussed enhancing cooperation in trade, education, and culture, building on over 60 years of diplomatic relations. The minister also met with the director of the Spanish Agency for International Development Cooperation, Antón Leis Garcia, to discuss increasing development cooperation in line with global financial system reforms. Talks with Japan's Parliamentary Vice-Minister for Foreign Affairs, Hisashi Matsumoto, focused on expanding ties, including financing more projects and increasing funding for the private sector in Egypt. Al-Mashat praised Japan's role in supporting Egypt's development, including recent funding for private sector empowerment and the development of the Cairo Opera House. With South Korea's Deputy Minister for Multilateral and Global Affairs, Kwoun Ki-hwan, Al-Mashat discussed the strategic development cooperation partnership, which has financed numerous projects. She expressed her hope to expand relations to include more areas of investment and technology exchange. Al-Mashat and Portugal's Secretary of State for Foreign Affairs and Cooperation, Ana Isabel Xavier, discussed expanding cooperation to increase investment in priority sectors like industry, renewable energy, and information technology. The minister also met with the heads of several international organisations. With WFP Executive Director Cindy McCain, she discussed joint efforts to enhance food security through the programme's 2023-2028 country strategy for Egypt. They also reviewed the WFP's participation in Egypt's debt-swap initiatives. In her meeting with OECD Deputy Secretary-General Mary Beth Goodman, Al-Mashat discussed the progress of the OECD's country programme for Egypt, which focuses on inclusive economic growth, innovation, governance, statistics, and sustainable development. Discussions with IFAD President Alvaro Lario covered the partnership to support agricultural and rural development and mobilise international partners for food projects under the NWFE platform. Finally, Al-Mashat met with UNIDO's Director for Gender Equality and Women's Empowerment, Cecilia Ugaz Estrada, to discuss joint efforts to enhance the competitiveness of Egypt's industrial sector.
Al-Ahram Weekly
22-07-2025
- Business
- Al-Ahram Weekly
Hassan Allam, Schneider Electric launch sustainable farming project in Nile Delta - Markets & Companies
The initiative aims to boost rural livelihoods and promote climate-resilient farming by implementing smart infrastructure and renewable energy technologies. It aligns with Egypt's Vision 2030 and adopts the Nexus of Water-Food-Energy (NWFE) framework to address interconnected development challenges. At the heart of the project is a solar-powered, climate-controlled greenhouse expected to produce up to 20 tons of vegetables annually. Designed to enhance energy and water efficiency, the system will operate on Schneider Electric's EcoStruxure platform and reduce reliance on diesel-powered irrigation—a long-standing barrier to sustainable agriculture in the area. The project aims to mitigate the adverse effects of poor water quality and climate change, which have negatively impacted productivity in parts of the Delta. It also supports Egypt's Integrated Sustainable Energy Strategy 2035 and its updated Nationally Determined Contributions (NDCs), which aim to expand renewable energy use and reduce emissions in the electricity sector. Beyond agriculture, the initiative includes a community development component that prioritizes job creation—particularly for women and youth—and promotes long-term environmental and financial sustainability. The partnership was announced during Schneider Electric's Innovation Day: Buildings of the Future in Cairo, where experts and officials discussed the role of digital and green technologies in sustainable development. Home to roughly 12,000 residents, El-Nouras relies on the El-Salam Canal for irrigation. If successful, the model could be replicated in other rural communities facing similar environmental and economic challenges.
