China development forum: Egypt urges agenda ensuring fair access to financial resources

CAIRO – 12 July 2024: Prime Minister Mostafa Madbouly emphasized the significance of advancing efforts to establish an action agenda that guarantees equal access to financial resources and technological solutions.

Madbouly delivered these remarks in a recorded speech at the opening of the Second High-Level Conference of the Forum on Global Action for Shared Development, held in Beijing, China, from 11 to 13 July.

With the theme "Accelerating Sustainable Development: Continuing Actions for A Better Future," the forum delves into strategies and initiatives to foster sustainable development.

The forum unites distinguished delegates from countries and international organizations as well as a diverse range of stakeholders from private sectors, academic institutions, and foundations.

Egypt Today highlights the key points of the prime minister's speech during the forum:

• There is no doubt regarding the importance of mobilizing various efforts to confront the effects of climate change.
• There is a great opportunity to move forward in developing an agenda that considers the development paths in emerging and developing economies and ensures fair access to financial resources and technological solutions.
• The global financing gap for climate investments is estimated to be around $4.5 trillion annually by 2030.
• This financing gap emphasizes the importance of concerted and integrated efforts from all relevant parties to advance the development and climate agenda.
• Comprehensive partnerships among all relevant parties are crucial to create a foundation of understanding, unity, and commitment to support the national development priorities of emerging economies.
• Egypt's country platform for the Nexus of Water, Food and Energy (NWFE) Program reflects the nation’s keenness to enhance the strong relationship between development and climate action.
• This keenness is evident in the formulation of the National Climate Change Strategy 2050, which highlights the harmony between climate goals, sustainable development goals and the 2030 Agenda.
• The successive crises and changes witnessed by the world present an unprecedented challenge to our development path, increasing the cost of achieving sustainable development goals and widening the financing gap in emerging and developing economies.
• This calls for more urgent establishment of integrated and inclusive cooperation among all relevant parties to mobilize concessional development financing.
• The Global Development Initiative launched by China’s President Xi Jinping during the 76th session of the United Nations General Assembly serves as a practical response to address these challenges, mobilize efforts, and inject further momentum into achieving sustainable development goals.
• The initiative's areas, including poverty alleviation, food security, epidemic prevention and vaccine development, development financing, climate change and green development, manufacturing, digital economy, and digital communication, generally align with the key development priorities of emerging economies, particularly Egypt's Vision 2030.
• Egypt and China enjoy a deep historical relationship.
• The commitment of both countries to enhance bilateral relations based on the principle of mutual benefit was reflected in the signing of the comprehensive strategic partnership agreement in 2014, which marked a new phase of comprehensive cooperation and partnership.
• Over the past decade, Egyptian-Chinese relations have witnessed remarkable developments, especially on the economic front, making them a model for effective economic cooperation and integration among South-South countries.
• The Satellite Assembly, Integration, and Testing Center and the EgyptSat-2 Earth observation satellite are among the most significant projects implemented through Chinese grants provided to Egypt.
• These two projects represent a unique model of knowledge exchange and effective cooperation between the two countries. They also demonstrate China’s commitment to supporting Egypt's priorities in promoting scientific research in general and supporting the Egyptian space program in particular.
• Egypt and China are working to explore further opportunities for trilateral cooperation with African countries.
• The Chinese side has expressed interest in implementing a project to establish the first research and training center in Africa to combat desertification through Chinese grants in Egypt.
• This project will contribute to the exchange of expertise between the Chinese, Egyptian, and African sides regarding successful methods and techniques to combat desertification.
• The Prime Minister expressed his aspiration to enhance Egypt-China comprehensive and sustainable partnerships beyond bilateral relationship. This can be achieved through cooperation within the BRICS framework and trilateral cooperation, especially with African countries.
• Madbouly also expressed his anticipation for the forum to result in recommendations that pave the way for constructive partnerships in various fields between the Chinese side and all participating countries and institutions.