WEF: Egypt Provides “Bright Spot” for Economic Prosperity

On Wednesday, the President of the World Economic Forum (WEF) Børge Brende indicated that Egypt has provided a “bright spot” for economic prosperity as one of several emerging markets to experience growth last year, according to the IMF.

In his speech to the Egypt- ICF Forum on sustainable recovery, the chairman of WEF said: “The world needs more international and multilateral cooperation if we want to advance shared priorities of equality, resilience, and sustainability...we need to pivot and make international organizations relevant and resilient to face the challenges of a post-COVID world and keep pace with the UN’s SDGs.”

Meanwhile, panelists discussed the crucial role of mobilizing financial resources, as international cooperation and closing development finance gaps are a key aspect in achieving, and progressing towards the 2030 global agenda.

On his part, Jorge Moreira da Silva, Director of the Organisation for Economic Co-operation and Development (OECD) Development Co-operation Directorate, said, “It is critical to mobilize one percent of $379 trillion.

However, it cannot be done without a holistic approach; as it is important to emphasize the role of multilateralism” and that “we need to adopt standards and emphasize on the role of triangular cooperation and multilateralism,” he added.

In the same context, Alain Pilloux, Vice President, Banking at the European Bank for Reconstruction and Development (EBRD), stated that: “More private sector involvement is key to growth. It all boils down to a stable political environment. While the governments need to take on their share of responsibilities, the private sector, and the multilateral development agencies need to complement this.”

Moreover, the Finance Minister, H.E. Dr. Mohamed Maait, addressed the pressing need to include the private sector in the development process, stating that: “Mobilizing the private sector is critical to bridging the $2.5 trillion SDG financing gap.”

In pursuit of the effective implementation of the 2030 Sustainable Development Goals, the panel explored ways to effectuate development frameworks through foreign direct investment, social impact investment, blended finance and measurement of private finance mobilization that would serve as key enablers for an inclusive transformation in private sector operations.

In the conclusion, H.E. Dr. Yasmine Fouad, Egypt’s Minister of Environment, addressed the Forum saying that the COVID-19 pandemic has placed increased strains on MEA countries, testing their social, economic, and environmental resilience. She said climate change is “not an environmental challenge. Climate change is a developmental challenge. It hits all development processes hard,” she stressed.

Under the theme of "Engaging for Impact”, the first edition of “Egypt - International Cooperation Forum (ICF) opened in Cairo, from Sep. 8th to 9th with the participation of 42 representatives of distinguished national, regional, and international policymakers, private-sector stakeholders, development leaders, civil society bodies, and think tanks.

It's worth mentioning that this massive event is organized by Egypt’s Ministry of International Cooperation, in coordination with the European Bank for Reconstruction and Development, the Organization for Economic Co-operation and Development (OECD), the World Bank Group, and the African Development Bank.