Int'l cooperation min.: Egypt's development cooperation portfolio amounts to $26B

CAIRO - 12 April 2022: International Cooperation Minister Rania el Mashat said that the value of Egypt's development cooperation portfolio exceeded dlrs 26 billion with many multilateral and bilateral development partners.

 

This came during her meeting on Tuesday with Undersecretary General and Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Vera Songwe to discuss a number of files related to trilateral cooperation and South-South cooperation in light of Egypt's efforts to fulfill the Sustainable Development Strategy (SDS): Egypt Vision 2030.

 

In light of Egypt's hosting of the UN Climate Change Conference 2022 (UNFCCC COP 27) in November this year, the two sides discussed cooperation between the Egyptian government and the United Nations to enhance efforts to stimulate innovative financing and new financing tools, such as sustainable development bonds, and private sector's participation in climate adaptation projects and climate change mitigation, the minister said.

 

She stressed the importance of this participation to promote efforts to the Green Economy Transition (GET).

 

During the meeting, Mashat posted the UN official on the International Cooperation Ministry's annual report titled "Engaging for Impact Towards Our Common Future: International Partnerships for Sustainable Development".

 

They reviewed the development cooperation efforts during 2021, which resulted in drawing on development funds worth dlrs 10.2 billion, including dlrs 8.7 billion for the various state sectors, and dlrs 1.56 billion for the private sector.

 

The two sides also discussed coordination with regard to Egypt's participation in the financing week within the 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

 

For her part, the UN official asserted keenness on boosting cooperation with Egypt and grasping all opportunities related to promoting innovative financing and blended finance to push forward climate action efforts through active participation in COP 27.

 

She also expound efforts exerted by UNECA to support African countries to get liquidity in light of the repercussions of the COVID-19 pandemic.