Egypt’s first international cooperation forum kicks off – Economy – Business

The first edition of the Egyptian Forum for International Cooperation (Egypt ICF), organized by the Ministry of International Cooperation, began on Wednesday under the high patronage of President Abdel-Fattah El-Sisi with the participation of high-level representatives of global development and financial institutions.

International Cooperation Minister Rania Al-Mashat told the forum that the total international cooperation portfolio in Egypt stands at $ 25 billion, which contributes to the implementation of a large number of development projects.

Al-Mashat added that the COVID-19 pandemic has imposed significant economic challenges across the world. Countries need to embrace a multilateral concept and create global partnerships to weather the crisis and fund projects that meet the Sustainable Development Goals (SDGs).

Addressing the forum in a recorded statement, President El-Sisi said the COVID-19 crisis has substantially transformed African societies, forcing governments, international development partners and citizens to act with it. a renewed objective and imagination to guarantee the sustainability of progress. , adapted to the global context, and that it is widely shared by the peoples and African institutions.

President El-Sisi stressed the importance of scaling up social and economic inclusion strategies consistent with green recovery, as developing countries and Africa face a “double crisis” to respond to challenges economic and climatic conditions of the future.

“There is no doubt that governments alone will not be able to achieve this recovery, so the central role of the private sector and international financial institutions is necessary for a sustainable future through innovative mechanisms of resource mobilization and blended finance, as well as harnessing the potential resources of technology and digital transformation to achieve economic and social development around the world, ”the President noted.

El-Sisi added that Egypt is one of the first countries to develop a long-term strategic plan to achieve sustainable development by 2030 based on national priorities and principles while taking into account the dimension environment to overcome the effects of climate change.

“From this point of view, Egypt welcomes close cooperation with international financial institutions, the United Nations and its affiliated agencies to strengthen development efforts and provide the necessary expertise to countries in the regions of the Middle East. and Africa, and join forces to support the African continental vision. for 2063, and accomplish what was adopted by the world in the Paris climate agreement, ”added the president.

Meanwhile, Organization for Economic Co-operation and Development (OECD) Deputy Secretary-General Jeffrey Schlagenhauf noted that the finances Africa has secured in recent years to achieve its SDG agenda are not enough. not, because the countries of the continent face several challenges.

Schlagenhauf revealed that this funding amounted to $ 41.4 billion in 2018 and 2019, which is insufficient for the continent’s needs. He underscored the need to mobilize international funding to achieve the continent’s SDG agenda as well as catalyze the private sector to play a role in this regard.

Multilateral international cooperation has been proven effective during the current COVID-19 crisis, he said, adding that the continuation of this effort is imperative to achieve a full recovery from the pandemic.

He also affirmed the commitment of the OECD to support Africa’s economic transformation and its integration into the global economy and trade.

During the first day of the forum, the European Commissioner for International Partnerships of the European Commission Jutta Urpilainen underlined the importance of the topics addressed by Egypt ICF during its two days to create partnerships in order to achieve the SDGs .

Urpilainen said the COVID-19 pandemic has affected 4.5 billion people and its repercussions are worsening in the absence of economic equality.

“Together, we can promote sustainable development and increase the distribution of education between women and young people. The European Union is ready to cooperate constantly with all parties to support development efforts, ”said Urpilainen.

Egypt ICF hosts more than 42 representatives of prominent national, regional and international decision makers, private sector stakeholders, development leaders, civil society organizations and think tanks.

The event is organized in coordination with the European Bank for Reconstruction and Development (EBRD), the Organization for Economic Cooperation and Development (OECD), the World Bank Group (WBG) and the African Development Bank ( ADB).

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