• Discussions about convening an international forum on financing for development during 2025 to advance international efforts towards financing the SDGs.
• Minister of International Cooperation: Implementing the SDGs is going through an exceptional stage, and successive crises are undermining the efforts made over the past decade.
• Only less than 10% of climate financing goes to developing countries, affecting their water and food security
• We work through economic diplomacy to enhance international cooperation to support the implementation of sustainable development goals
• Developing countries and emerging economies suffer from a decline in “equitable financing,” which increases the challenges they face
• The need to expand risk reduction mechanisms, mobilize private sector investments, and increase financing for climate change adaptation projects
Dr. Rania Al-Mashat, Minister of International Cooperation, participated virtually in a high-level session ECOSOC Financing for Development (FfD) Forum at the United Nations Headquarters in New York under the theme “Strengthening inclusive dialogue on the path to the Fourth Global Forum on Finance for Development”, following the opening remarks by António Guterres, Secretary-General of the United Nations, Mr. Dennis Francis. President of the 78th Session of the United Nations General Assembly, and Ms. Kristalina Georgieva Managing Director of the International Monetary Fund. The session was moderated by Mrs. Paula Narvaez, President of the Economic and Social Council of the United Nations, Ministers of Finance, International Cooperation, Development and Climate Policy from the countries of Chile, Qatar, Denmark, the African Union, and many others.
The ministerial session discussed the future path of holding a fourth global conference on financing for development (Finance for Development Forum) in 2025. Participants also discussed financing challenges and overcoming the current gaps in global development policies and frameworks that must be addressed to achieve the sustainable development goals.
The ministerial session discussed the future path of holding a fourth global conference on financing for development in 2025. Participants also discussed financing challenges and overcoming the current gaps in global development policies and frameworks that must be addressed to achieve the SDGs.
In her intervention, the Minister thanked the United Nations Economic and Social Council for convening the forum, especially in light of the need to meet the SDGs by 2030, as per the member states of the UN in 2015.
The Minister explained that about a decade ago, the world agreed to achieve 17 SDGs by 2030, but successive global crises pushed many countries backward, undermined their progress towards a better path, and increased the risk of losing the already achieved gains, stressing that the current financing available does not meet the urgent need to achieve the goals, nor is it sufficient to address the multidimensional challenges facing member states.
The Minister of International Cooperation pointed to the increasing rates of poverty, as well as the negative effects of climate change that have greatly worsened, coinciding with the significant decline of “just financing,” stressing the need for developing countries for more low-cost financing and cooperation from international financial institutions and developed countries. In this regard, the debt burden on developing countries and emerging markets is increasing, and the exit of capital flows from those markets to developed countries in times of crises, which increases the challenges that prevent the achievement of SDGs.
Al-Mashat highlighted another aspect related to directing less than 10% of global climate financing to developing countries, despite their need more than others and being greatly affected by climate change and its impact on food and water security, stressing that the international community has spoken about this more than once during the year, such as during the spring meetings of the International Monetary Fund and the World Bank in Washington, which gives an indication about the future of achieving SDGs, and the challenges facing developing and least developed countries.
The Minister continued said that there is a lot that needs to be done to overcome this disparity, and more opportunities will appear in the future, as there must be more partnership between multilateral development banks, and we have witnessed in Washington more coordination through the World Bank and many others, when it comes to investment guarantees, streamlined processes, and lower cost of development financing, still need to be seen on the ground and implemented.
She also stressed the need for more South-South cooperation and regional coordination, as well as lessons learned, pointing to the Egyptian experience in enhancing this type of cooperation through various development cooperation programs and projects, including the Knowledge Exchange Center of the World Food Program in Upper Egypt, pointing out financing for development is extremely important and needs to move forward in order to address growing disparities.
The Minister noted that climate financing needs to be directed not only to efforts to mitigate the repercussions of climate change, but also to adaptation projects, adding that in order to achieve this, the matter requires coordinated efforts to mobilize financing, not from multilateral development banks alone, or the private sector, but through clear mechanisms to reduce risks towards private sector investments, and stimulates all sources of financing towards investment in human development, which represents the main focus of development operations in developing countries and emerging economies.
The Minister stressed the importance of holding a fourth global conference on financing for development in 2025, which will once again stimulate international efforts towards implementing the SDGs. H.E. stated that Egypt is working diligently to achieve those goals by coordinating efforts with development partners and localizing the global goals, as well as implementing the principles of economic diplomacy to enhance international cooperation and development financing, and transferring expertise from integrated solutions and national initiatives such as the Decent Life Initiative to Africa and countries that share similar challenges.
It is worth noting that the General Charter of the United Nations was drafted in August 1941 and declared into force in October 1945. The Economic and Social Council of the United Nations was established in June 1945 within the General Charter of the United Nations. It studies and prepares reports on international issues in matters of economics, society, culture, education, health and related issues, and it may submit its recommendations on any of these issues to the General Assembly, to the members of the United Nations, and to the relevant specialized agencies. This is done in a way that enhances respect for and observance of human rights and fundamental freedoms, in addition to preparing draft agreements and holding international conferences to study the relevant development issues and in accordance with the rules established by the United Nations.