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Egypt pushes for inclusive dialogue on financing sustainable development at UN Forum – Dailynewsegypt

Egypt’s Minister of Planning and Economic Development, Hala El-Said, participated virtually in a high-level session at the United Nations Economic and Social Council’s Financing for Development Forum. The session’s theme was “Enhancing Inclusive Dialogue on the Road to the Fourth Global Conference on Financing for Development.”

El-Said emphasized the session’s focus on financing the Sustainable Development Goals (SDGs) through integrated national financing frameworks. She highlighted its importance as a tool for identifying challenges and opportunities in achieving the SDGs.

The minister pointed out that financing remains a major hurdle for countries pursuing sustainable development. The COVID-19 pandemic and its subsequent global crises – economic, geopolitical, and environmental – have exacerbated this challenge. El-Said cited the 2024 Global Sustainable Development Report, which estimates an annual financing gap of $2.5trn to $4trn.

She further noted the Organisation for Economic Co-operation and Development’s World Economic Outlook for 2023, which projected a 56% increase in the financing gap for developing countries.

El-Said underlined that, like many developing nations, Egypt has identified financing as a critical challenge in its national reports on achieving the 2030 Agenda.

El-Said highlighted the launch of Egypt’s updated Vision 2030 in November 2023, with “financing” prioritized as a key enabler. This national agenda aims to bridge the financing gap by diversifying funding sources, removing barriers, and promoting innovative mechanisms. Ultimately, it contributes to achieving Egypt’s Vision 2030, the UN Agenda 2030, and Africa’s Agenda 2063.

The minister noted Egypt’s collaboration with the League of Arab States in launching the first national report on Financing for Development (FfD) titled “Financing Sustainable Development in Egypt.”

She elaborated on the ongoing cooperation between the Ministry of Planning and Economic Development and the United Nations. The ministry signed a cooperation program, “Financing Strategy for Sustainable Development Goals in Egypt,” funded by the UN Joint SDG Fund. The program focuses on formulating a financing strategy for Egypt’s SDGs, following the integrated national financing framework approach.

Moreover, El-Said explained that the program covers four key areas: estimating SDG costs by sector, mapping financial flows in relation to SDGs, implementing gender-responsive budgeting, and developing a financing strategy for SDGs. The program prioritizes vital sectors like education, health, social protection, water and sanitation, and transport. It also emphasizes promoting gender equality and environmental sustainability across all sectors.

Significantly, El-Said noted that Egypt has become the first country to comprehensively address the measurement of illicit financial flows.

El-Said discussed the close collaboration with the UN Economic and Social Commission for Western Asia (ESCWA) in preparing a blueprint report titled “Towards an Integrated National Financing Strategy.” The report aligns with the aspirations of Egypt’s Vision 2030, structural reform program, and sectoral development plans, including national efforts to transition to an SDG-focused budget.

El-Said concluded by highlighting the importance of continuous dialogue between key stakeholders. This dialogue is crucial for mobilizing local and international resources, attracting private sector participation, and fostering partnerships in financing SDGs. It also paves the way for innovative and sustainable financing solutions, while prioritizing resource allocation for key sectors to accelerate SDG achievement.

The minister stressed the significance of evidence-based financing for realizing sustainable development. The availability of effective institutions sound public policies, and continuous monitoring and evaluation are all vital for harnessing financial resources and achieving the SDGs.