Egypt has pioneering experience in matching financing with UN goals: Al-Mashat

CAIRO – 9 September 2021: Egypt has a pioneering experience implemented by the Ministry of International Cooperation by matching development funds with the UN goals for sustainable development, using the curricula and the global framework of the United Nations and the Organization for Economic Cooperation and Development, Minister of International Cooperation, Rania Al-Mashat said Thursday.

This came during the first workshop of the Egypt-ICF, on its second day, which discussed the experience of the Ministry of International Cooperation in matching development finances with the UN goals for sustainable development.

She also presented, during her speech, the results of that match at the sectoral level, as well as the results of matching projects that are compatible with one goal as well as with more than one goal. She pointed out that the most sustainable development goals in development finance are $5.9 billion in 34 projects in energy, as well as 36 projects with a value of $5.7 billion in industry, innovation and infrastructure, and $4.9 billion in clean water and sanitation.

This is a practical application of the second principle of economic diplomacy, according to the minister, adding, "This step, taken by the Ministry of International Cooperation, was very necessary and supportive of national efforts to achieve sustainable development."

She expressed Egypt's welcome to regional cooperation to transfer expertise and experience in the field of development work, explaining that achieving the sustainable development goals requires a careful monitoring and analysis approach for the results of international cooperation and development financing and monitoring everything related to its impact on achieving these goals to determine the progress achieved and determine future priorities.

In her speech, the Minister addressed the new vision for dealing with the financing gap, and said that the next stage does not need funding only, but rather needs in the first place to repeat successful experiences in a way that increases the good and distinguished results of each project, and indicated that it developed an integrated experience in strengthening international cooperation and financing Development through a set of maps that relied on economic diplomacy through coordination and complementarity between Egypt and international economic institutions, and said that according to the 2030 plan, there will be multiple and well-studied projects to achieve social, economic and environmental goals.

She stated that part of the United Nations development projects in Egypt are carried out by civil society organizations, noting that Egypt's portfolio with international institutions amounts to $25 billion, distributed over many projects, especially those related to infrastructure and energy, through partnership with a number of international financial institutions.

She explained that the three principles of economic diplomacy are platforms for joint coordination cooperation, listing international participation, and matching development funds with the UN goals for sustainable development, and that they depend on principles aimed at creating vital partnerships to enhance multilateral and bilateral cooperation with partners, pointing out that these principles aim to maximize economic and social benefit from development finance, ensuring the consistency of development projects with national priorities and sustainable development goals, and improving the management of development cooperation to effectively implement projects.

Al-Mashat stressed the need to agree on standards for accountability, communication, guidance and learning, explaining that the Ministry of International Cooperation's ongoing development financing portfolio includes 377 projects, worth $25.6 billion, aimed at enhancing development efforts and progressing towards sustainable development goals by 2030.