The Fourth International Conference on Financing for Development with Egyptian participation
The Fourth International Conference on Financing for Development with Egyptian Participation
Against the backdrop of the climate and economic repercussions facing countries around the world, attention these days is turning to the Fourth International Conference on Financing for Development, as a major platform for enhancing international cooperation and finding innovative solutions to bridge the development financing gap.
In this context, Dr. Rania Al-Mashat - Minister of Planning, Economic Development and International Cooperation - participated in the preparatory meeting for the conference, which will be held in Spain during June of this year, where she stressed the necessity of adopting a comprehensive global vision to confront the economic and financial crises, which impede the process ofsustainable developmentin the whole world.
The road to Spain
The Fourth International Conference on Financing for Development is jointly organized by the Government of Spain, the United Nations Development Programme, the United Nations Department of Economic and Social Affairs, the United Nations Children’s Fund (UNICEF), and the Organization for Economic Cooperation and Development, in addition to the European Union.
The preparatory meeting aims to highlight the importance of integration between integrated national financing frameworks and relevant country-led strategies, in addition to enhancing coordination between investment plans and policy frameworks.
In her speech - at the preparatory conference - the Minister stressed the necessity of adopting a more comprehensive and just international vision; In order to confront development challenges and all the obstacles that stand in the way of all development efforts in developing countries; Pointing to the issues of high poverty rates, increasing debt burdens, and geopolitical instability; Therefore, I stressed that efforts to eradicate poverty represent an urgent humanitarian need and an essential factor in supporting efforts aimed at ensuring that no group of society is marginalized.
Debt and its impact on development
Al-Mashat also explained that the cost of servicing debt for developing countries has risen by more than 50% between 2022 and 2025; This limits the financial space allocated for sustainable investments. She indicated - in view of these increasing debts - that the world is still unable to mobilize a small portion of its resources to close the financing gap for the Sustainable Development Goals (SDGs).
She added that the progress achieved in achieving the Sustainable Development Goals (SDGs) does not exceed 17%. This requires strengthening international solidarity and adopting an integrated approach to advance equitable and sustainable development, in a way that reflects the Sustainable Development Goals (SDGs) of international cooperation and partnerships.
Financial system reforms
Based on these financing problems for development projects, the Minister of Planning, Economic Development and International Cooperation highlighted the fragility of global growth, as it is expected to reach 3.3%, which is lower than the historical average of 3.7%. It also stressed the need for targeted interventions and international cooperation to bridge this gap, stressing the importance of restructuring international financial institutions and implementing radical reforms in the global financial system. In order to ensure the sustainability of development financing flows.
Therefore, the Minister reviewed the launch of the “National Integrated Strategy for Financing Development” by the Ministry of Planning, Economic Development and International Cooperation, in cooperation between it, the European Union, and the United Nations Development Programme, a cooperation that came on the sidelines of the Future Summit last September.
This strategy aims to adopt a unified approach to financing development by integrating public and private investments, enhancing transparency and accountability, addressing financing gaps, and stimulating innovation in projects that have an economic, social, and environmental impact.
Egypt supports development
Dr. Rania Al-Mashat’s speech included Egypt’s efforts to adopt innovative financing mechanisms, such as the “debt swap” program with Italy and Germany, in addition to launching the “Economic Growth Catalyst” initiative in cooperation with the World Economic Forum. This was on the sidelines of the annual meetings in Davos, which were held last month. It is an initiative aimed at attracting private investments and accelerating the implementation of sustainable development projects.
The Minister also stressed the importance of global events, such as the Fourth International Conference on Financing for Development (FfD4), Sustainable Development Goals (SDGs) Summits, and Climate Conferences (COPs). This is considered pivotal platforms for addressing financial and development challenges. Therefore, Al-Mashat called on multilateral banks to accelerate the implementation of reforms and mobilize more concessional financing, including debt exchange mechanisms. In order to finance climate and ensure the achievement of sustainable development on a large scale.
In conclusion,Earth Guards is looking at the Fourth International Conference on Financing for Development with interest, anticipating that its activities next June will result in more interest in achieving the goals of sustainable development and its issues locally and globally, which is an opportunity with which we can build a healthy, sustainable life for ourselves and for generations. Next.
