Egypt received an official invitation from the Indian Financial Regulatory Authority to participate in the summit.
Hesham Badawi reviewed some of Egypt's efforts since the launch of the National Climate Change Strategy 2050 to achieve a just transition to the blue economy - Press Photo
Goa, the vibrant city of India, played host to the G20 High-Level Financial Regulatory Summit, held in the context of India's presidency of the G20 Leaders' Summit this year.
Egypt received an official invitation from the Indian Financial Regulatory Authority to participate in the summit. Responding to this invitation, Egypt sent a high-level delegation led by Hesham Badawi, the Head of the Central Auditing Organization.
The summit's general sessions focused on exploring opportunities to enhance the blue economy as an economic system that encompasses a range of policies and operational plans aimed at preserving freshwater and marine environments, supporting livelihoods and sustainable development in coastal communities, combating marine pollution, addressing the causes of biodiversity loss and ecological imbalance, climate change, and combating overfishing.
The summit also addressed the role of high-level financial regulatory authorities in auditing applications of artificial intelligence and addressing its challenges, particularly in terms of ensuring legal compliance, accountability, and enhancing positive human values.
In his general statement at the summit, Hesham Badawi reviewed some of Egypt's efforts since the launch of the National Climate Change Strategy 2050 to achieve a just transition to the blue economy and establish genuine partnerships between the state and other stakeholders.
He emphasized supporting existing initiatives to address climate change, implementing industrial pollution control programs, water reuse, and improving irrigation systems.
This comprehensive framework deals with environmental changes in accordance with international agreements, commitments, and the recommendations of the recent United Nations Climate Conference (COP 27), chaired by Egypt.
Regarding artificial intelligence, Badawi mentioned Egypt's launch of the Egyptian Platform for Artificial Intelligence and the national strategy in this regard, as well as the recent launch of the National Charter for Responsible Artificial Intelligence in February 2023.
On the sidelines of the summit, Hesham Badawi held several intensive bilateral meetings. During his meeting with the Head of the Accounts Chamber of the Russian Federation, they discussed the ways to benefit from the training programs at the INTOSAI Digital University, a platform launched by Russia during its presidency of the International Organization of Supreme Audit Institutions (INTOSAI).
He also discussed with the Head of the Spanish Financial Regulatory Authority ways to support and coordinate work in various international committees and working groups where the Egyptian and Spanish regulatory authorities share joint activities.
The Spanish official praised the Egyptian proposals for cooperation in this regard, considering them as a role model in international relations between financial regulatory authorities.
In his meeting with the Head of the Moroccan Financial Regulatory Authority, they coordinated joint Egyptian-Moroccan efforts regarding amending the regulations of the African Union Audit Board. This comes within the framework of the mutual interest between the two countries in reforming the institutional and financial trajectory of the African Union Commission.
Additionally, Hesham Badawi held bilateral meetings with the heads of financial regulatory authorities in Indonesia, Saudi Arabia, the United Arab Emirates, Brazil, Turkey, and India.
During these meetings, they discussed professional and regulatory issues of mutual interest. Badawi called on the heads of these authorities to support Egypt's candidacy for auditing the accounts of the United Nations Development Organization (UNIDO) and the World Tourism Organization, and his invitation received widespread acclaim.
In related positive news, the G20 High-Level Financial Regulatory Summit resulted in fruitful discussions and fruitful collaboration between countries to enhance the blue economy and address challenges related to artificial intelligence.
The summit showcased the commitment of participating nations to environmental sustainability, sustainable development, and responsible financial governance. The shared initiatives and partnerships formed during the summit have the potential to create positive impacts on global financial regulation and economic stability.
