During the events of the World Urban Forum (WUF), held in Cairo from November 4 to 8 under the patronage of H.E. President Abdel Fattah El-Sisi, and under the theme "It All Starts at Home: Local Actions for Sustainable Cities and Communities," H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated alongside Mr. Niels Annen, Minister of State at the German Federal Ministry for Economic Cooperation and Development, in the inauguration of the German pavilion.
In the same context, Al-Mashat held a bilateral discussion session with Mr. Annen. At the outset, she welcomed the German delegation to the World Urban Forum, emphasizing that the forum provides an invaluable opportunity to enhance collaboration among nations and address the urban development challenges faced by cities around the world.
The Minister presented the “Framework for Sustainability and Financing for Economic Development”, recently launched by the Ministry to drive qualitative, sustainable, and inclusive economic growth as part of the government's 2024-2027 program. This framework is built around three core pillars: Firstly: Formulating Data-Driven&Evidence-Based Economic Development Policy informs educated discussions about the needs and opportunities in areas such as human capital, industrial development, SMEs, technology, entrepreneurship, sustainable infrastructure, green investments, among others, while ensuring robust monitoring and evaluation mechanisms to track progress and optimize outcomes; Secondly: Building a Future-Resilient Economy advances macroeconomic stability through the implementation of structural reforms to foster economic competitiveness, macro-fiscal resilience and the green transition; and Thirdly: Optimizing Resource Allocation by adopting an integrated national financing framework that mobilizes domestic and international financing, thus allocating resources to priority sectors and supporting SDG acceleration.
H.E. also highlighted the ongoing cooperation between Egypt and Germany in the realm of economic development policies and their effective collaboration in renewable energy and energy efficiency. This partnership was notably represented in the political declaration issued by the governments of Egypt, Germany, and the United States in November 2022 during COP27, where the German government pledged €258 million in concessional financing, debt swaps, and grants to support the energy pillar of Egypt's NWFE program.
They also reviewed the progress made under the framework of the agreement, particularly regarding the financing agreement for the electricity transmission project within the energy pillar of the NWFE program. The project, valued at €54 million and facilitated through the debt swap mechanism, aims to increase the use of renewable energy, reduce greenhouse gas emissions, and support Egypt’s transition to a green economy. The two ministers also discussed updates on the new phase of the Egyptian-German debt swap program.
Additionally, the meeting featured discussions on the ongoing preparations for the upcoming Egyptian-German governmental negotiations, scheduled for the end of November in Berlin. These negotiations, to be led by the Egyptian Minister of Planning, Economic Development, and International Cooperation alongside the German Minister of Economic Cooperation and Development, aim to identify priority projects for the fiscal years 2024-2026.
In closing, the Minister highlighted Egypt's “Integrated National Financing Strategy”, launched at UNGA79 in New York. This strategy provides a comprehensive national financing framework designed to foster inclusive economic development. It also features a flexible structure, allowing it to adapt to economic shifts while promoting private sector participation. Furthermore, the strategy marks a shift from traditional financing mechanisms to a more holistic framework, helping bridge development financing gaps and support long-term sustainable growth.
Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
