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Africa lacks international funding for sustainable development: OECD Deputy Chief - Daily News Egypt

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Africa lacks international funding for sustainable development: OECD Deputy Chief

EU is optimistic about Egypt-ICF to support international development efforts

Finances that Africa obtained from international cooperation systems amounted to $41.4bn in 2018-2019, which is not enough to fund the sustainable development, according to Jeffrey Schlagenhauf, Deputy Secretary-General of Organization for Economic Co-operation and Development (OECD).

His remarks came during his speech in the Egypt – International Cooperation Forum (Egypt-ICF) in its first edition, organized by the Ministry of International Cooperation, under the patronage of President Abdel Fattah Al-Sisi.

Schlagenhauf added that it is necessary to mobilize funds in order to achieve the sustainable development goals by stimulating and encouraging the private sector.

He stressed that the OECD is ready to transform Africa economically, integrate it into the global system, and support reform and growth processes.

Schlagenhauf mentioned that multilateralism has proven success during the Corona pandemic, and that continuing this cooperation will be necessary in order to achieve a full recovery from the Corona pandemic.

Meanwhile, Jutta Urpilainen, European Commissioner for International Partnerships, expressed during her speech in Egypt-ICF, her optimism about the forum’s work program and pointed out the importance of issues and topics within the framework of its partnerships to achieve sustainable development. 

She mentioned that the COVID-19 pandemic has claimed the lives of about 4.5 million people and that the seriousness of the repercussions of that pandemic is increasing in light of what she called the lack of economic equality. 

Urpilainen stressed the need to address the crisis with continuous international efforts and to create promising and appropriate opportunities to restore international construction, increase exchange and achieve international goals.

“Together, we can promote sustainable growth and increase the education of women and youth,” Urpilainen added.

She expressed her aspiration for continued cooperation with the European Union and the enhancement of enthusiasm for the success of the EU-African Union Summit, which is supposed to be held in 2022, and the need to transform challenges into opportunities and historical growth.

Topics: OECD

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