The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, met with the Secretary-General of the OECD, Mathias Corman, to discuss areas of joint cooperation.
The meeting came on the sidelines of H.E.’s participation in the “Green Finance and Investment Forum” held by the Organization for Economic Cooperation and Development (OECD) in France, ahead of his scheduled visit to Egypt this month.
It tackled various aspects of cooperation between Egypt and the organization in various fields, in light of the extended history between Egypt and the organization in enhancing the effectiveness of development cooperation and benefiting from OECD methodologies, policies and platforms in stimulating blended finance, empowering the private sector, and applying international standards in development cooperation efforts.
During the meeting, the Minister stressed the importance of the role of the organization in strengthening the role of the organization’s bilateral development partners and the role of multilateral development finance institutions in developing new mechanisms for multilateral cooperation that suit the needs of emerging and developing economies, and the need to increase the financial resources and technical support necessary to meet the challenges of developing countries in development at the international level.
In this context, Al-Mashat pointed out the necessity of advancing fair financing efforts for the sustainable development agenda and climate action, and the importance of concessional development financing in stimulating and mobilizing private sector capital and financing to promote development and climate action.
Principles of the Global Partnership for Effective Development Cooperation (GPEDC)
H.E. pointed out the importance of the efforts undertaken by the OECD through the Development Assistance Committee (DAC), which was established in 1960 and whose membership includes 32 major countries that provide concessional development financing, and aims to enhance the effectiveness of development cooperation and stimulate policies in order to implement the 2030 SDGs.
By reviewing and formulating policies, analyzing data, and promoting innovation in the field of development cooperation, stressing that Egypt has provided a model as it is one of the countries that apply international standards related to improving the effectiveness of development cooperation, through the “Principles of the Global Partnership for Effective Development Cooperation,” which works to follow up indicators of the effectiveness of development cooperation to achieve the 2030 SDGs, and to enhance integration between relevant entities, and the two entities have been cooperating in it for more than fifteen years, and the partnership is based on 4 main principles; country ownership, focus on results, inclusive partnerships, transparency and accountability.
Al-Mashat participated in the 2022 Summit for Effective Development Cooperation, which was held in Switzerland with the participation of about 664 participants from 11 countries, regarding enhancing effective development cooperation that is based on country ownership, characterized by transparency and accountability, and building comprehensive partnerships that stimulate progress towards implementing the 2030 SDGs.
Sharm El-Sheikh Guidebook for Just Financing
The Minister of International Cooperation reviewed the principles of the “Sharm El-Sheikh Guidebook for Just Financing,” and its role in enhancing the role of relevant parties to stimulate climate action and provide just financing for developing countries and emerging economies, and cooperation with the OECD in this regard through drafting and preparing the chapter on the governance structure of just climate finance.
The guide specifies the requirements for building a strong governance mechanism at the international and national levels to enhance compliance with the principles of fair financing, based on the “Principles of the Global Partnership for Effective Development Cooperation.”
Mapping Official Development Assistance (ODA) with the UN SDGs
Al-Mashat appreciated the close partnership with the OECD Development Cooperation Department in implementing methodologies for matching development financing with the UN SDGs (ODA-SGD Mapping), through which the Ministry of International Cooperation in 2020 mapped all 377 development financing projects with the SDGs in a way that enhances the ability to link projects to meet development priorities and needs, which contributes to the accurate analysis of efforts with development partners and the results of implemented partnerships, as well as providing information to decision-makers, monitoring real change and documenting results.
An interactive map has been launched that includes the distribution of all funded projects from development partners distributed across the governorates to determine the contribution of these funds to the implementation of each of the global goals.
Studying the Private Sector’s Participation in Development through Development Cooperation
H.E. also referred to cooperation with the organization in implementing a study on the private sector’s participation in development in Egypt through development cooperation, which was a comprehensive dialogue at the country level, as it worked to study and analyze the challenges facing the private sector and the opportunities available through international partnerships.
In order to enhance access to the 2030 SDGs, many results have been reached, the most important of which is building confidence and expanding the scope of private financing solutions through development finance institutions and multilateral development banks to finance development and blended finance, and good investment based on effective partnerships and strengthening partnerships with the private sector on the national level, linking private investment to development impact.
South-South and Triangular Cooperation
The meeting witnessed a review of the efforts made with the organization to advance south-south and triangular cooperation, such as a mechanism to stimulate development efforts and provide the opportunity to share successful development experiences based on multilateral partnerships, as Al-Mashat stressed the importance of these mechanisms in stimulating development efforts in developing countries.
In this regard, Al-Mashat discussed proposals to enhance ways of joint work with the OECD on south-south cooperation and how to use the organization’s platforms to transfer Egypt’s experience to its counterparts from developing and emerging countries in the field of international partnerships, evaluation of development cooperation projects, and the involvement of relevant parties in creating comprehensive partnerships to drive inclusive and sustainable growth.
The OECD works to advance growth and stimulate economic reforms, governance structures, and private sector development, and in light of the close cooperation with Egypt, many activities and events have been implemented, including the participation of the Ministry of International Cooperation, the United Nations Office for South-South Cooperation, and the Islamic Development Bank (IsDB) in the organization of a workshop on triangular cooperation in Africa during the 1st edition of the Egypt - International Cooperation Forum (Egypt - ICF). The organization was also among the partners contributing to the preparation of the Sharm El-Sheikh Guidebook for Just Financing.
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