The Egypt – International Cooperation Forum (Egypt – ICF) has urged the global community to push for multilateralism for an Inclusive and green recovery.
During the inaugural Egypt International Cooperation Forum (Egypt – ICF), held in Cairo on September 8 and 9, H.E. Dr. Rania A. Al-Mashat, the Minister of International Cooperation, said that “The COVID-19 pandemic has emphasized that no country can remain in isolation, as global problems require global solutions.”
In her address to the forum, Minister of International Cooperation, Dr. Al-Mashat said: "The pandemic has emphasized that no country can remain in isolation, as global problems require global solutions."
"The Egypt – International Cooperation Forum (Egypt – ICF) brings together stakeholders to lay the foundations for sustainable recovery and push the international development agenda forward,"
"Bringing together all stakeholders is necessary for mitigating the repercussions of the COVID-19 pandemic and the perils of climate change," Al-Mashat noted.
“The pandemic not only posed a health crisis to the world but also socioeconomic challenges,” said Al-Mashat, elaborating that global recovery requires multilateral and bilateral cooperation to achieve the Sustainable Development Goals (SDGs).
“While there is less than a decade left for the 2030 SDGs, it is necessary to evaluate what has been achieved despite the challenges of the pandemic to build back better, and towards a green and inclusive recovery,” added Al-Mashat.
In the same context, she emphasized the need to adopt innovative tools to be able to secure development funds through multilateral and bilateral cooperation, noting that the ongoing international cooperation portfolio in Egypt amounts to about $25 billion, earmarked for the implementation of a large number of development projects in various governorates, and across sectors.
The minister also emphasized that the forum will witness the launch of a number of recommendations to advance multilateral cooperation, transfer knowledge, and share expertise.
The forum highlights the national efforts across various development sectors, in addition to accentuating the Government of Egypt’s commitment to multilateralism in fostering development efforts.
These remarks came during an interview conducted by Eleni Giokos, anchor and correspondent at CNN, with Al-Mashat, under the title: “Building A Global Alliance to Scale-up SDG Development Finance”.
Underscoring the abundance of natural resources and opportunities to utilize energy in Africa, H.E. remarked that the forum aimed at stimulating regional cooperation mechanisms in light of the African Free Trade Agreement and triangular cooperation as two effective tools to achieve international goals on the regional level as well as advancing Africa's Agenda 2063.
The minister articulated how the forum addresses the potential limitations of financing mechanisms with the aim of revamping the process of mobilizing resources to bridge the financing gap hampering SDGs.
According to the Organisation for Economic Co-operation and Development (OECD), only 1 percent of global assets worth $379 trillion are able to bridge this gap, requiring effort and coordination which requires global cooperation alongside utilizing innovative financing tools such as blended finance.
The forum also discussed activating the role that the private sector can play through international partnerships to contribute effectively in supporting development efforts, alongside ways to economically empower women and youth.
Al-Mashat pointed out that in light of the global risks resulting from climate change and its impact on citizens, the forum addresses the opportunities and challenges facing developing and emerging economies to achieve a green transformation, promote the integration of climate action into global recovery strategies, and ensure that citizens can benefit from new economic opportunities, particularly in the African continent.
The forum’s closing session on “Investing in Human Capital”, will shed light on the Egyptian experience to improve livelihoods lives through the presidential initiative, “A Decent Life” alongside other national initiatives, highlighting the effective role of international cooperation and development financing, coupled with the Government of Egypt’s dedication to well-rounded progress.
Held under the patronage of H.E. Abdel Fattah El-Sisi, the President of the Arab Republic of Egypt, 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 policymakers; presidents of international financial institutions; bilateral and multilateral development partners’ representatives; think tanks; the private sector; and international and regional research centers.
Follow the latest news on Google News
