Daily News Egypt

Egypt's International Cooperation Ministry secures $9.8bn in development financing during 2020

Advertising Area

Advertising Area

Egypt’s International Cooperation Ministry secures $9.8bn in development financing during 2020

Ministry of International Cooperation launches new interactive website to track Egypt’s Sustainable Development Goals-aligned story

While the pandemic may have been a health shock, it did not derail Egypt from its development goals. In 2020, the Ministry of International Cooperation secured $9.8bn in development financing that meet various targets by 2030, according to Rania Al-Mashat, Minister of International Cooperation.

She said that this year has been a challenge for every individual and a test for every nation around the world. However through the power of collaboration, bridging economic cooperation and expanding growth moved Egypt’s development plans forward.

The Minister’s remarks came during the release of the 2020 annual report titled, “International Partnerships for Sustainable Development”.

“Through redesigning development finance to ensure that collectively, international partners, the private sector and civil society – achieve a world that is more inclusive, the ministry secured more than $6.7bn secured for financing sovereign projects and $3.1bn in support of the private sector,” She said.

The transport and communications sector is ranked first in terms of developmental financing, followed by the social housing, and water and sanitation networks at second place, and then the energy sector, whether electricity, renewable energy, or petroleum.

To move forward with a progressive vision in a hyper-connected, fast-moving, and digitalized world, we go back to the wisdom rooted in our culture symbolized by the sacred Ancient Egyptian ‘Ibis’ associated with Thoth, the God of Wisdom. In the Ministry of International Cooperation’s Wisdom 17 end of year event launching the 2020 annual report, Al-Mashat celebrated the year’s achievements and progress; charting the path ahead.

Moreover, the Ministry launched a new interactive website to visualize Egypt’s SDG-aligned development story; the first of its kind that tracks Egypt’s development according to the global sustainable development goals.

The transport and communications sector is ranked first in terms of developmental financing, as the Ministry of International Cooperation has concluded agreements to support the sustainable transport strategy and strengthen the sector’s infrastructure with a value of $1.7bn, which directly contributes to achieving the ninth goal of infrastructure, industry and innovation, and the eleventh goal of cities and societies Sustainable local; These goals are concerned with providing good infrastructure and providing decent transportation for all citizens.

The social housing sector and water and sanitation networks ranked second, with a total of $1.4bn, which contributes to the sixth goal of clean water and sanitation, which aims to increase investments in infrastructure and the provision of sanitation facilities, in addition to the ninth goal: industry, innovation and infrastructure. And the eleventh goal: sustainable cities and communities, which focus on promoting sustainable industries and urban planning in order to accommodate the growing number of people in cities by providing decent housing for low-income families.

The electricity sector, new and renewable energy, and petroleum came in third place, and the amount of funds directed to it amounted to about $677m, to work to achieve the seventh goal of providing clean energy at affordable prices, the twelfth goal, which is to encourage responsible consumption and production, and the thirteenth goal on climate action. The electricity, renewable energy and petroleum sector projects aim to increase investment in clean energy sources such as solar and wind energy, to promote the 2030 sustainable energy strategy, and to support the state’s direction to export surplus energy to neighboring countries.

Budget support Partnerships have also contributed to the provision of concessional development financing to support the budget, equivalent to $638m, which puts it in fourth place, and these funds support the state’s efforts to implement structural reforms in the banking sector. This will help achieve the first goal of eradicating poverty, the tenth goal of reducing inequalities, the sixteenth goal of promoting peace, justice and strong institutions, and the seventeenth goal of partnering to achieve the sustainable development goals.

In the Ministry’s annual report for 2020, titled “International Partnerships for Sustainable Development: Writing the Future in a Changing Global Dynamic”, there is a detailed breakdown of the year from start to finish; telling the stories of Egypt’s development, multilateral cooperation, economic diplomacy doctrine, COVID-19 response plan, and allocation of financing to sector aligned with its corresponding sustainable development goals.

The Minister said that through economic diplomacy, the ministry pushes the frontiers of multilateralism and cooperation by strengthening inclusive multilateral and bilateral engagement with development partners, governments, global policy makers, the private sector and the civil society to achieve a circular economy.

Al-Mashat mentioned that in the annual report, the ministry showcases how shifting mindsets through Economic Diplomacy and its three pillars; multi-stakeholder platforms, ODA SDG Mapping, and the Global Partnerships Narrative: People at the Core, Projects in Action, and Purpose as the Driver, paved the way for sectoral development and in establishing a concise and transparent communication platform.

“This year, while flatting both the health and recession curves due to COVID-19 through Egypt’s Response and Rebuild Strategy, reform was underway in health, agriculture and food security, gender equality, education, infrastructure, transportation, energy, water, micro, small and medium enterprises (MSMEs), Sinai and the private sector. All of which paved the way for understanding the need for digitalization and helped establish what can be referred to as ‘the jobs of tomorrow,” Al-Mashat said.

“The aforementioned is made possible through multilateralism and continued cooperation with development partners. Twinned with the global goals, multilateralism builds for sustainable and inclusive economic development, efficiently. As 2030 is only 9 years away, partnerships in accelerating the goals are key,” she assured.

She said that it is through realizing a “Great Reset” for sustainable development that the world can co-create a greener, more circular economy to foster inclusive growth. Hand in hand with transparent governance, the future of Egypt is brighter, greener, inclusive, and digital.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter