● Al-Mashat: “The ‘Seville Commitment’ is an important step toward rebuilding trust in the multilateral cooperation system to formulate integrated solutions to the debt crisis and the rising cost of development finance.”
● Debt sustainability analysis contributes to a fairer assessment of developing countries’ ability to meet current and future financial obligations and enhances global economic stability.
● The concept of “Global Public Goods” must be activated to support developing countries’ efforts in financing human development and climate action projects.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held an extensive meeting with a group of development partners, chaired by the UN Resident Coordinator in Egypt and the European Union, and attended by 40 representatives from UN agencies and multilateral and bilateral development partners. The meeting discussed mechanisms for implementing the outcomes of the Fourth International Conference on Financing for Development (FFD4), held in Seville, Spain, which marks a historic milestone in the global governance of finance and multilateral development action.
During the meeting, the Minister welcomed the development partners and began by thanking the Kingdom of Spain for hosting and organizing the FFD4, and for the active participation of Spanish government officials in ensuring its success.
H.E. Dr. Al-Mashat affirmed that the Fourth International Conference on Financing for Development marks the first international consensus on a comprehensive framework for financing development since the adoption of the Addis Ababa Action Agenda in 2015. The conference concluded with the endorsement of an ambitious outcome document titled “The Seville Commitment,” which comes at a time when global economic, environmental, and social challenges are intensifying, and when there is an urgent need to revisit the global financial system and the mechanisms for mobilizing development finance in developing countries. The Seville Commitment contributes to efforts aimed at reforming international financial institutions, expanding the scope of multilateral cooperation, and enhancing fiscal space for developing and emerging economies.
H.E. the Minister added that the final document, the Seville Commitment, presents an integrated and comprehensive vision for enhancing the ability of developing countries to access the finance needed to achieve the Sustainable Development Goals (SDGs), with a strong focus on three main priorities, including the large-scale mobilization of sustainable investment.
She further noted that addressing the dual challenges of debt and development was one of the central priorities emphasized in the document. It stressed the importance of adopting an integrated approach to the debt crises affecting many developing and least developed countries—challenges that hinder development progress. The Seville Commitment called for the adoption of innovative tools such as debt-for-development swaps and for a restructuring of the global financial architecture to make it more equitable, inclusive, and representative of developing countries’ needs. This would require better governance across international financial institutions and a stronger role for the United Nations in shaping global economic rules. The document also underlined the importance of debt sustainability and the need to modernize the criteria for conducting Debt Sustainability Analysis (DSA).
H.E. Dr. Al-Mashat stated that the conference witnessed the announcement of a wide range of global multilateral initiatives aimed at translating the Seville Commitment into practical action. Among the most prominent initiatives were those targeting debt burdens, including the launch of the Debt Swap Facility—led by the World Bank and Spain—which aims to enhance institutional capacity in negotiating debt-for-development deals, as well as Italy’s debt swap programme for African countries. She also referred to global initiatives to reform the international financial system, including nationally led investment platforms, with Egypt being one of the leading examples. The final conference document cited Egypt’s experience in launching the country platform for the NWFE program, and also referenced South Africa’s national platform as a model for mobilizing climate investment through country-led approaches.
Al-Mashat confirmed that one of the most prominent outcomes of the FFD4 conference was opening the door for the private sector to play an effective role in development financing and mobilizing foreign investments for developing countries, in addition to strengthening South-South and triangular cooperation. She stressed the importance of activating the concept of Global Public Goods to support developing countries in financing human development and climate action projects.
She further indicated that Egypt welcomes hosting the inaugural meetings of both the Borrowers’ Forum and the Shared Information Hub in accordance with recommendations issued by the UN Secretary-General’s expert group.
Al-Mashat also pointed out that Egypt is co-leading one of the main initiatives launched during the conference—alongside South Africa and the United Nations Development Programme (UNDP)—to adopt a country-prioritized approach in financing climate action and development.
The meeting also addressed preparations for the upcoming G20 meetings in South Africa, scheduled for later this July, where discussions will focus on mechanisms for global development. H.E. Dr. Al-Mashat explained that Egypt had showcased during the conference its success in developing and implementing innovative national models to mobilize development finance, including its Integrated National Financing Framework. Egypt presented its experience in applying this framework to align national investment strategies and economic reforms with the SDGs and Egypt’s Vision 2030, with a special focus on education, health, social protection, sanitation, transport, environmental sustainability, and gender equality.
During the discussions, the Spanish government, as the host of the conference, applauded Egypt’s efforts and active participation in various Seville sessions, including discussions on the debt crisis. It also announced its close cooperation with Egypt through the UNDP to activate the integrated framework for development financing—an effort aimed at enhancing financial governance and mobilizing resources for sustainable development.
The World Bank, in turn, reaffirmed its commitment to supporting Egypt’s national development plans, with a particular emphasis on enhancing the country’s ability to advance its economic development agenda through inclusive growth and sustainable job creation. It also highlighted the importance of empowering the private sector to play a more impactful role in supporting national development priorities.
In a related context, the United Nations Development Programme (UNDP) highlighted Egypt’s active engagement in the conference, especially in the side events addressing debt issues. UNDP noted that a joint programme is currently underway in partnership with the Spanish government and the Government of Egypt to implement the Integrated National Financing Framework. The programme is structured around three key pillars: nationally led implementation, strengthening public finance to achieve the SDGs, and mobilizing private capital. UNDP also expressed its appreciation for Egypt’s engagement in global initiatives that prioritize climate action and development aligned with national needs.
UN agencies presented interventions reflecting their sectoral priorities in supporting development in Egypt. UNICEF stressed the importance of enhancing spending quality and noted that the outcome document includes several recommendations on social protection, especially in education and early childhood development. UNICEF also highlighted the “Shabab Balad” (Youth of the Nation) initiative as a practical model linking education with employment.
Moreover, the Food and Agriculture Organization (FAO) commended Egypt’s role in achieving food security. The UN-Habitat program emphasized the urgent need to enhance local financial systems to achieve inclusive and sustainable urban development. The World Food Programme (WFP) pointed to Egypt’s successful experience with debt swaps and emphasized the importance of linking financing tools to citizen needs and transferring the experience to other countries.