Egypt launches Integrated National Financing Strategy at UN Summit

CAIRO - 23 September 2024: Egypt has officially launched its Integrated National Financing Strategy during the Summit of the Future held by the United Nations in Washington, D.C. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, on Monday.

 

The launch took place during a high-level event titled "Tapping into Innovative Financing Instruments to Accelerate Sustainable Development: A Roadmap to Just Development Finance." This initiative was organized in collaboration with the United Nations Development Programme (UNDP) and the European Union as part of the UN General Assembly’s 79th session events.

 

Al-Mashat emphasized that this strategy represents a collaborative effort between the Egyptian government and the UN, developed within the framework of the Financing Strategy for Sustainable Development Goals in Egypt. The initiative has received support from various international organizations, including the International Labour Organization, UNCTAD, UNICEF, and UN Women.

 

“This strategy provides a comprehensive national financing framework aimed at enhancing sustainable development in line with Egypt’s Vision 2030,” Al-Mashat stated. She added that it focuses on mobilizing sustainable financing to close funding gaps and reduce financial risks.

 

The strategy targets seven key sectors identified as national priorities: social protection, sanitation, health, transportation, education, climate change, and women’s empowerment. These sectors are crucial for achieving specific development goals and broader objectives.

 

Al-Mashat also highlighted a shift from traditional financing methods to more comprehensive strategies for sustainable development. Key actions outlined in the strategy include conducting cost estimates for sustainable development goals, expanding public-private partnerships, enhancing the green banking system, and intensifying financing tools for priority sectors.

 

Abdullah Al-Dardari, UNDP Director for Arab States, noted the significance of innovative financing solutions for sustainable development. “The launch of Egypt’s integrated national financing strategy exemplifies how countries can align financing flows with developmental objectives,” he stated.

 

For his part, Markus Berndt, Head of the European Investment Bank's Representation Group to the U.S. and UN, reaffirmed the Bank’s commitment to partnering with Egypt. “This meeting is crucial for enhancing multilateral financial systems and mobilizing financing for the private sector,” he said.

 

The event included interactive discussions on the role of multilateral development banks in promoting innovative financing, culminating in the official launch of Egypt’s Integrated National Financing Strategy. This strategy represents a significant step toward sustainable development financing in Egypt, aimed at fostering economic growth and resilience in the face of global challenges.