Mahmoud Mohieldin: Stimulus Plans and Private Sector Key to Funding and Achieving Development Goals
Dr. Mahmoud Mohieldin.. Stimulus plans and the private sector help finance development projects and achieve their goals
Dr.Mahmoud Mohieldin “The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, and the climate pioneer for the Egyptian presidency of the Conference of the Parties (COP) to the United Nations Convention on Climate Change COP27” participated in a discussion session entitled: “Sustainable Development Goal 9 in middle-income countries: Accelerating the pace of implementation of the 2030 Agenda,” and there he said: “Plans to stimulate… The development goals will help mobilize funds for projects related to the fields of environment and development.”
This came within the activities of the “High-Level Political Forum on Sustainable Development 2023”, held in New York City, where Mahmoud Mohieldin confirmed thatMany countries – middle-income countries – are struggling to finance the ninth sustainable development goal, which revolves around promoting sustainable industries, supporting innovation, and creating more resilient infrastructure, especially after the increase in global crises, such as the Corona virus crisis, and the Russian-Ukrainian war, and their devastating effects on the economies of developing countries in particular and developed countries in general.
In this context, Mahmoud Mohieldin reported that plans to stimulate Sustainable Development Goals (SDGs) are capable of mobilizing funds allocated to development and environmental projects of no less than $500 billion each year. Regarding these incentive plans, he explained that they are short-term financing plans that can address emergency crises in addition to long-term plans, which are related to sustainable development financing.
Then he went on to discuss the capabilities of these plans, and that they include-In detail- Reducing the cost of debt, and preventing the insolvency of developing countries and emerging economies, and this is by converting short-term loans into long-term loans, whose scope extends up to 30 years, and this – of course – with reducing their interest rates.
Mahmoud Mohieldin added that these are plans that will work to expand the scope of these financing through multilateral development banks, increase mixed capital, in addition to reorganizing the Special Drawing Rights, and integrating the private sector into these plans. Hence, Dr. Mahmoud Mohieldin saw that he – that is, the private sector – is capable of financing sustainable development projects, and filling the gaps in this financing, which requires us to apply approaches that help stimulate private institutions, because this has a very beneficial development impact. Here he said: “It is necessary to integrate the private sector with the proposed mechanisms. To settle the debts of developing countries.”
And in a sessionAnother discussion entitled: “Just Transitions for All: Achieving Climate and Social Justice”, which was also part of the activities of the “High-Level Political Forum on Sustainable Development 2023”, held in New York City – “The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, and the climate pioneer for the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Climate Change Convention COP27” confirmed that there are major efforts being made; In order to mobilize funds in a fair, comprehensive and effective manner.
In this session, Mahmoud Mohieldin said: “Financing social protection has faced many challenges in the past two years; Due to the economic impacts resulting from the Corona pandemic, the war in Ukraine, and other crises; This is despite the progress that has been made since the launch of the Global Accelerator in September 2021.”
There, Mahmoud Mohieldin called on the relevant institutions to increase bilateral relations between member states; In order to secure development commitments, such as:Community protection, and achieve a just, effective and comprehensive transition.
In conclusion, Dr. Mahmoud Mohieldin’s speech in these two sessions – at the High-Level Political Forum in New York – was important and comprehensive, as he concluded by talking about the initiatives of multilateral development banks and their role in achieving community protection, drawing attention to the possibility of linking investments directed to community protection and the global accelerator, and activating the role assigned to the concerned parties in this regard, and this includes the “Climate Fund.” Green”.
