H.E. Dr. Rania Al-Mashat:

We call for the formulation of a more inclusive and just international vision to address development challenges.

Restructuring international financial institutions is necessary to ensure the sustainability of development financing flows.

The global financial system needs radical reforms to keep up with the changing dynamics and challenges faced by countries.

The partnership between the public and private sectors is a fundamental pillar for achieving economic development.

We look forward to the Fourth International Conference on Financing for Development marking an inception toward a more just and efficient global financial system.

Egypt has launched its National Strategy for Financing for Development and is working to expand innovative financing mechanisms.

“Al-Mashat” reviews Egypt's experience in debt-for-development swaps and expanding their scope to include climate action and renewable energy projects.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in the preparatory meeting for the Fourth International Conference on Financing for Development (FfD4), which is scheduled to take place in Spain in June 2025. The event is hosted by the Spanish Government in partnership with the United Nations Development Programme (UNDP), the United Nations Department of Economic and Social Affairs (UNDESA), UNICEF, the Organisation for Economic Co-operation and Development (OECD), the European Union, Italy, Spain, and Sweden.

The goal of the preparatory meeting was to highlight the integration of national financing frameworks with other platforms and strategies led by countries, and to enhance coordination between investment plans and policy frameworks. The session also included Dr. Mahmoud Mohieldin, the UN Secretary-General's Special Envoy on Financing for the SDGs, Mr. Thomas Beloe, Acting Director of the Sustainable Finance Hub at UNDP, Mr. Oliver Schwank, Chief of the Policy Analysis Section at UNDESA, and representatives from several governments.

In H.E.’s speech, Dr. Rania Al-Mashat called for the formulation of a more inclusive and just international vision to address development challenges, particularly those faced by developing countries, which are struggling with complex issues like rising poverty rates, increasing debt burdens, and geopolitical instability. Despite the fact that eradicating multidimensional poverty is both a common and urgent need, it is also a critical enabler that boosts efforts to ensure that no one is left behind.

H.E. Dr. Al-Mashat added that developing countries are facing rising debt service costs, which have increased by more than 50% between 2022 and 2025, significantly limiting the financial space required for sustainable investments. In contrast, some structural imbalances persist in societies. While global wealth exceeds $460 trillion, mobilizing even a small fraction of this wealth to close the $4 trillion annual financing gap for the SDGs remains out of reach. With progress made on only 17% of the SDGs, it is clear that achieving sustainable development requires solidarity and integrated approaches to drive a just transition.

H.E. Minister Al-Mashat also pointed out that global growth remains fragile, with expectations for growth at just 3.3%, significantly below the historical average of 3.7%. This disparity between advanced and emerging economies highlights the urgent need for targeted interventions and strong international cooperation to close this gap and advance equitable progress. She affirmed the necessity of restructuring international financial institutions and implementing radical reforms in the global financial system to adapt to changing dynamics and the challenges facing countries, ensuring the sustainability of development financing flows.

H.E. Dr. Al-Mashat also emphasized the importance of national platforms, which serve as integrated mechanisms to coordinate relationships among stakeholders, resources, and priorities, thereby enhancing efficiency and impact. She referenced Egypt's “NWFE” country platform, which aims to accelerate the national climate action agenda and provides opportunities to mobilize private financing and investments to support Egypt's green transition. This platform reflects the integration of climate action and development efforts, highlighting the partnership between the public and private sectors, which is a core pillar for achieving economic development.

H.E. Dr. Al-Mashat highlighted the launch of the Ministry of Planning, Economic Development, and International Cooperation's integrated National Strategy for Financing for Development, in collaboration with the European Union and UNDP, on the sidelines of the Summit of the Future in September. This strategy aligns with the need to incentivize the SDGs and provides immediate actions to save the 2030 Agenda. It focuses on a unified approach to development financing by integrating public and private investments, strengthening policy coherence, enhancing transparency and accountability, and providing a structured framework to address financing and development gaps. It also prioritizes projects with the greatest economic, social, and environmental impact.

H.E. Dr. Al-Mashat also referred to Egypt's efforts to expand innovative financing mechanisms, such as the debt swap program implemented with Italy and Germany. She mentioned the launch of Egypt's “Economic Growth Catalyst” initiative, in partnership with the World Economic Forum, on the sidelines of the annual meetings in Davos. This initiative aims to open new economic opportunities, mobilize private investments, and accelerate sustainable development projects.

H.E. Minister Al-Mashat concluded by stressing that global events like the Fourth International Conference on Financing for Development (FfD4), the SDG Summits, and upcoming COP Conferences provide critical opportunities to directly address these challenges and represent a launch towards a more just and efficient global financial system. She underscored the urgency of accelerating multilateral bank reforms to mobilize more sustainable development financing, including innovative mechanisms like concessional financing and debt-for-climate swaps, which are crucial for the countries that need them.