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  • Thursday, 22 June 2023

During the Participation of the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Participates in Regional Collaboration as a Catalyst for Scalable Solutions Session in OPEC Fund's Development Forum

Al-Mashat: Achieving the SDGs by 2030 requires strengthening regional integration to enhance the exchange of knowledge and development experiences and overcome current challenges.

MDBs play a vital role in supporting development in developing and least-developed countries.

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat, participated as a keynote speaker in a panel discussion on "Regional Collaboration as a Catalyst for Scalable  Solutions", as part of the activities of the OPEC Fund Development Forum. The forum is being held in Vienna, Austria and attended by Vice President of the World Bank for the Middle East and North Africa Ferid Belhaj, Professor of Business Administration at the University of Offenburg in Germany Andreas Claassen, Director of the UN Office for South-South Cooperation Dima Al-Khatib, General Manager of the Private Sector Operations Department of the Asian Development Bank (AIB) Suzanne Gaboury, and, CEO of Banque Central America Dante Mossi.

In her speech, Al-Mashat said that the world today is going through a major transformation with less than a decade left until 2030, which requires intensifying efforts to focus more deeply on comprehensive development and partnerships between relevant parties, which promote progress in the development of Ras Al Khaimah and human capital. H.E. said that that was due to the need for international and regional cooperation as well as integrated solutions being necessary for comprehensive development and a sustainable future for all countries.

Al-Mashat explained that achieving the UN Sustainable Development Goals (SDGs) launched in 2015 requires expanding partnerships and economic growth, especially in developing countries.

H.E. stated that the promotion of regional integration through infrastructure includes a number of axes, the most important of which are trade, investment, local regulations, transportation, information and communication technology, energy infrastructure, macroeconomics and fiscal policy, the provision of other common public benefits (such as shared natural resources), security and education.

Al-Mashat also touched on the launch of the Nexus for Water, Food and Energy platform, the NWFE program, the pillar of linkage between water, food and energy projects, in light of Egypt’s presidency of COP27, in cooperation with multilateral development banks, international institutions and national bodies, with the aim of stimulating and accelerating the implementation of its NDCs. 

H.E. also highlighted the addition of the NWFE+ program, which includes a list of projects in the transport sector, under the umbrella of the National Strategy for Climate Change 2050, which reflects Egypt’s commitment to promoting climate action globally, promoting the transition to a green economy, and moving from climate pledges to implementation. This also reflects a keenness to strengthen the governance of climate change actions and improve the infrastructure for climate finance. H.E. noted that the NWFE program benefits from Egypt's close partnerships with multilateral and bilateral development partners, with the aim of stimulating innovative financing tools.

Al-Mashat added, "Integrated solutions and collaboration between relevant parties are crucial to achieving the SDGs. Therefore, international institutions and donors must work together with governments to develop a multidisciplinary strategy and action plan to rehabilitate national capabilities related to manufacturing. It is also time to expand the world trade market and enhance the competitive advantage of different countries.”

H.E. stressed the great importance of multilateral development banks and international financial institutions and their role in the global development plan, especially in light of the challenges facing the world, stressing the importance of developing their role in a way that enables them to achieve sustainable development, stimulate digital transformation, address inequality and social inclusion, and strengthen partnerships, and providing integrated financial tools, in addition to technical support and assistance. H.E. also stressed the importance of private sector participation which plays a vital role through investments and technical support to promote the development agenda and achieve the targeted results by 2030.

Al-Mashat finally pointed to the importance of South-South cooperation as a component of international cooperation for development, and integrated with North-South cooperation, to stimulate multilateral cooperation efforts to meet development challenges, stimulate comprehensive and sustainable economic growth, and expand efforts to exchange experiences and knowledge, explaining that Egypt is looking forward, through the South-South Cooperation Academy, which was relaunched with the United Nations Development Program (UNDP), to benefit from development stories in Egypt to enhance South-South cooperation and expand its scope to achieve integration with other developing countries.