The annual report highlights several of the ministry’s work with international and local establishments in supporting Egypt’s 2030 Vision
Egypt's Ministry of International Cooperation recently published their annual report which highlights several of the ministry’s work with international and local establishments in supporting Egypt’s 2030 Vision.
The “International Partnerships for Sustainable Development; writing the future in a change global dynamic” report looks at the pandemic as a chance to get things right, an opportunity for the world to see and enjoy the benefits of solidarity, multilateralism, and cooperation.
It also notes that the pandemic enforced a need for global collaboration when it comes to national issues.
The MoIC secured $9.891 billion in development financing since January 2020 towards Egypt’s sustainable development goals, with more than $6.7 billion secured for financing sovereign projects and $3.191 billion in support of the private sector.
The Ministry manages Egypt’s economic relations with international organizations of economic cooperation, the international financial institutions and specialized agencies of the United Nations, as well as develop and strengthen the economic cooperation between the Arab Republic of Egypt and other countries.
According to the report, information on development cooperation has been evaluated to be publically available 70%, with 73% of Egyptian development partners aligned with the country priorities.
“While the COVID-19 pandemic has created doubts on the future of multilateralism, the reality is that it has shown that we need more creativity to push forward. We risk becoming obsolete if we do not innovate, and this is why it is the most opportune time for a renewed and reinvigorated kind of multilateralism – a global economic system in which there is increased dialogue, resilience, connectivity, transparency and meaningful partnerships that ultimately serve human ends and goals,” states the report.
In response to the pandemic, more than $477 million was secured for the health sector from multilateral partners including the World Bank, Arab Fund for Economic and Social Development (AFESD), USAID and the African Development Bank (AfDB) and bilateral partners including Japan and Canada.
Around $457 million was provided by the European Bank for Reconstruction and Development (EBRD) in 2020 to support small and medium-sized enterprises (SMEs) through several financing packages, while the total secured for SMEs and the private sector was $3.191 billion.
In 2020, the total ongoing development projects in the agriculture sector within the Ministry of International Cooperation’s portfolio amounts to $545 million, with the Ministry signing a $12 million deal in agriculture, trade and industry with the USAID, AFD and Italy.
Agriculture is a vital sector when it comes to national development as it represents a major portion of Egypt’s GDP with 14% and provides 28% of job opportunities and 55% of rural labor in Egypt. Developing this sector helps farmers meet the demands of the economy, said the report.
Walid Labadi, country manager for Egypt, Libya and Yemen for the IFC, mentioned that the IFC is looking forward to working with the Egyptian government and development partners to support private sector sustainable agricultural investment.
The ministry has 30 ongoing transportation development projects worth $5 billion, financed by various international institutions such as the EIB, WBG, EBRD, the Kuwait Fund for Arab Economic Development (KFAED) and AFESD.
The MoIC secured $1.794 billion in development financing for the sector in 2020.
Across all the SDGs, there are a total of about 377 projects all amounting to $25.662 billion. This consistent approach to mapping the SDGs contributes to a stronger narrative overall.
