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Al-Mashat: Achieving a just recovery for emerging economies requires strengthening multilateral cooperation

Dr. Rania Al-Mashat, Minister of International Cooperation, participated in a discussion session entitled “Achieving a just and sustainable economic recovery”, within the activities of the Google Zeitgeist Summit, organized by the global company Google in the United Kingdom, with the participation of many government officials, decision-makers, entrepreneurs and CEOs of major companies from Including Google, YouTube, Unibe and others, on how to build a better future and move forward with recovery efforts, the session was attended by Roger Ferguson, former Vice Chairman of the US Federal Reserve, and moderated by Dr. Linda Yue, Professor of Economics at London Business School.

In her speech, Dr. Rania Al-Mashat stressed the importance of innovation and new technologies in achieving sustainable development goals, and the role of startups and entrepreneurs in promoting the trend towards achieving development and overcoming the obstacles that prevent it, noting that Egypt seeks to transform into a regional center for incubating startups and entrepreneurs. And they went ahead with clear and strong measures, the latest of which was the directives announced by President Abdel Fattah El-Sisi regarding facilitating the launch of start-ups.

The Minister of International Cooperation stressed that achieving a just and sustainable economic recovery requires looking at the requirements of developing countries and emerging economies to achieve sustainable development, mobilizing efforts to overcome existing economic challenges through multilateral cooperation, bridging development financing gaps, and pushing for a green, comprehensive and sustainable recovery. .

The Minister of International Cooperation indicated that the successive global crises that began with the Corona pandemic and its ensuing economic and social effects, then the Russian-Ukrainian crisis and the challenges it caused, put new obstacles in front of the world’s ability to achieve sustainable development and recovery, so it became necessary to reconsider the Global efforts to achieve sustainable development, and an attempt to promote joint action between relevant parties from governments, the private sector, international financial institutions and civil society, as well as non-profit institutions, with the aim of developing clear plans to preserve the gains of development, and move forward towards achieving the 2030 Agenda.

Al-Mashat explained that private sector companies and major technology companies such as Google have a major role in promoting development efforts, by publishing digital transformation policies, enhancing technical cooperation and exchanging experiences with developing countries and emerging economies.

The Minister of International Cooperation touched on the situation in Egypt and the efforts made by the government to maintain comprehensive and sustainable economic growth and implement economic and structural reforms that would enable it to face shocks, noting that Egypt implemented a strong economic reform program in 2016 that enabled it to achieve strong financial indicators and raise rates. Growth and facing the economic challenges that resulted from the Corona pandemic, and with the current crisis, the government is moving forward with economic reforms in cooperation with international institutions to preserve the development gains.

Al-Mashat stressed that in light of the pivotal role of the private sector and as a key element in achieving development, the government announced ambitious measures to increase the private sector’s contribution to the economy, to reach 65% in the coming years, attract foreign direct investment, and stimulate start-up companies.

She also touched upon Egypt’s hosting of the United Nations Climate Conference COP27, strengthening partnerships between the public and private sectors in the field of green transformation, initiating the implementation of a clear strategy to expand the green hydrogen sector, as well as diversifying sources of financing through the issuance of green bonds and seeking to promote innovative financing and hybrid financing. It consolidates international confidence in the Egyptian economy, adding that achieving green and sustainable recovery will only come with clear measures to support climate action and increase financing for green projects that are environmentally friendly.

The Minister of International Cooperation said that the government is working to develop green and smart infrastructure in Egypt with the aim of advancing sustainable economic development and promoting investment in human capital, through measures at all levels, and benefiting from international partnerships with development partners in order to enhance efforts to combat climate change and equality between gender, bridging the digital divide and promoting inclusive and sustainable investments.

She noted that the state is implementing the sustainable energy strategy 2035, which has already contributed to the implementation of new and renewable energy projects, targeting and increasing the mix of new and renewable energy to 42% by 2035. The state has also begun to take concrete steps to expand hydrogen production in cooperation with many institutions, and in In the same context, the ongoing development cooperation portfolio includes 30 projects that support the seventh goal of the sustainable development goals: clean and affordable energy, with a value of $4.6 billion.

The Minister of International Cooperation also referred to measures to enhance partnership between the public and private sectors in transport projects, and to implement pioneering development projects such as the October Dry Port project, the first of its kind in Egypt with a capacity of 720 containers per day, with the possibility of increasing its capacities to 250 thousand containers annually, and providing 3,500 containers. A direct and indirect job opportunity, and the implementation of expansions in metro lines.

Al-Mashat moved to talk about the state’s efforts to enhance food security and sustainable value chains, to enhance the sustainability of the agricultural sector, increase the efficiency of agricultural value chains, and increase smart investments in the agricultural sector, in addition to the state’s water strategy for the period from 2017-2037, with investments of 900 billion pounds. To enhance the management of water resources, take advantage of the resources available through desalination plants, and increase the efficiency of water resources.

She said that in light of the government’s commitment to reducing water losses and increasing investments in the field of seawater desalination, the Ministry of International Cooperation is working to strengthen partnerships between the public and private sectors through international partnerships and concessional development funds, and during 2021 the ministry concluded agreements worth $169 million for the water sector. Among the projects implemented and funded by development partners is the water desalination plant in East Port Said at a cost of $130 million to meet the increasing demand for water sources in the areas of drinking, agricultural and industrial activities. The state is working on plans to expand the plant’s capacity to reach 150,000 cubic meters per day to serve about million citizens.

Al-Mashat mentioned examples of recently implemented projects within the framework of these efforts, including the sewage system in Bahr al-Baqar, with the aim of providing water resources for the reclamation of about 460,000 feddans, as well as the Jabal al-Asfar water plant and other projects, referring to Egypt’s pioneering experience in the field of international cooperation. And development financing and a huge portfolio of up to $26 billion, to implement 372 projects in various fields of development.

Al-Mashat noted that the projects agreed upon with development partners vary in many development sectors, especially the field of green transformation, and the ongoing portfolio includes 85 projects in the field of adaptation to climate change and mitigating its repercussions, at a value of $11.9 billion, which supports the country’s efforts to implement the thirteenth goal. One of the sustainable development goals: climate action.

The Minister of International Cooperation stressed that international partnerships play a pivotal role in bridging the climate financing gap, as developed countries promised to provide $100 billion to finance climate action between 2020-2025, while financing needs, especially for developing countries and emerging economies, are still large, pointing to These challenges reinforce the need to develop a framework for innovative financing to support climate action efforts. In related projects

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