The minister also emphasized the state’s eagerness on building partnerships from the private sector, civil society, and international and regional organizations
Egypt considers development financing as one of the most important factors in enabling countries to move forward in implementing sustainable development programs and projects, said Planning and Economic Development Minister Hala El-Said Yesterday.
During her speech at the International Conference on Egypt’s Alternative Finance Opportunities towards Sustainable Financing for Development, El-Said indicated that global challenges and events have further accelerated the need to deal with financing the Sustainable Development Goals.
El-Said noted that emerging economies, including Egypt, have disproportionately great challenges to control the conditions of financial spending and at the same time provide the necessary financing to implement public investments in line with the growing population needs.
She pointed to the huge financing gap for the sustainable development goals in developing countries, which ranged from $3.3 trillion to $7 trillion annually before the pandemic. She added the gap widened by an additional $2.5 trillion in 2020 as a result of the coronavirus pandemic.
The minister also emphasized the state’s eagerness on building partnerships from the private sector, civil society, and international and regional organizations.
Echoing this sentiment were Finance Minister Mohamed Maait and Mahmoud Mohieldin, the Special Envoy of the Secretary-General of the United Nations on Financing for Sustainable Development and the Executive Director of the International Monetary Fund. Both revealed
Launched last week, the state’s new “National Climate Change Strategy in Egypt 2050” outlines a road map to achieve the country’s updated Egypt Vision 2030 and its “third sub-goal.”
The minister added that it has set the cost of mitigation programs at about $211 billion, while the total cost of adaptation program will reach $113 billion by 2050.
