The OECD's Remarks on Development Financing for Africa

This morning, the “Egypt - International Cooperation Forum (ICF): Engaging for Impact” was launched under the patronage of H.E. President Abdel Fattah El-Sisi, the President of the Arab Republic of Egypt, with high-level international and regional participation. In his speech during the First Edition of Egypt – ICF, Jeffrey Schlagenhauff, Deputy Secretary-General of the Organization for Economic Cooperation and Development (OECD), stated that the development financing obtained by Africa is deemed insufficient to achieve sustainable development, especially in the countries suffering from a sundry of difficulties. Schlagenhof mentioned that Africa received a grant of $41.4 billion in the period between 2018-2019. Nevertheless, these funds have proven insufficient when measured against the continent’s multitude of needs. OECD’s Deputy Secretary-General further stressed the need to mobilize international funds in order to achieve the Sustainable Development Goals (SDGs), and to catalyze the much needed private sector investments. In commending multilateralism, which has proven its effectiveness during the pandemic; Schlagenhoff noted that the perpetuation of this cooperation will be crucial for achieving full recovery from the pandemic. The forum, organized by the Ministry of International Cooperation, took place in the presence of H.E. Dr. Mostafa Madbouly, Egypt’s Prime Minister; H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation; in addition to a high-level participation of government representatives from African Ministers and policy makers; Presidents of international financial institutions; bilateral and multilateral development partners’ representatives; think tanks; the private sector; and international and regional research centers.