Dr. Hala Al-Saeed, Minister of Planning and Economic Development and Chair of the Board of Directors of the Sovereign Fund of Egypt, by default participated in the round table of the Forum of Official Financial and Monetary Institutions, which is the independent think tank for central banks, economic policy and public investment, and its scope of work revolves around global policy and investment in central banks and sovereign wealth funds. The forum provides a neutral platform for public and private sector participation in countries of the world.
The forum was attended by dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund and Special Envoy of the Secretary-General of the United Nations on the Financing of the 2030 Agenda for Sustainable Development.
Dr Hala Al-Saeed discusses, during her participation in the report on the financing of sustainable development in Egypt, as the first national report on financing for development in the world, and emphasizes that Egypt, since the launch of its vision for sustainable development in 2016; It spared no effort to reform its economy, improve its business environment, set priorities and implement national programs that emphasize the principle of leaving no one behind, explaining that Egypt is the first Arab country to have a development finance report under the umbrella of the League of Arab States, and in cooperation with all development partners.
Al-Saeed said the report, in its thirteen chapters, provided an objective and in-depth analysis of a range of funding for development issues that significantly impacted the achievement of the UN’s Sustainable Development Goals. The report provides an analytical overview of the various development and economic sectors, and their impact on the development situation in Egypt.
It also helps to shed light on the Egyptian state’s efforts to mobilize and diversify financial resources to fund sustainable development projects, and notes the crucial role that the Ministry of Planning plays in this report, as it requires national provide data and statistics for authors. , in addition to coordinating with the relevant national authorities to present their vision on Report Content.
On the challenges facing the promotion of sustainable financial development in Egypt; Al-Saeed said these challenges were no longer fully related to the inefficient distribution of resources available for projects that accelerated the achievement of the 2030 agenda, but rather to a shortage of funding available around the world. , emphasizing that this deficit has been exacerbated by the repeated shocks to the world economy, which have affected developed countries as well as developing countries, which has hampered investment in recovery, climate action and the achievement of sustainable development goals. She explained that addressing funding challenges requires an evidence-based approach supported by effective institutions and well-coordinated public policies with regular monitoring and evaluation to achieve the public goods sought in the sustainable development objectives.
Al-Saeed added that the report sheds light on some unique challenges in the Egyptian context, particularly the presence of a large percentage of the non-banking population, the proliferation of the informal financial sector services, and the limited role of non-bank financial institutions, which explains why the Egyptian government over the past few years has focused its efforts on creating a path for inclusive growth and prioritizing financial inclusion through various initiatives, in addition to the country’s trend towards digital transformation, encouraging digital payments and investing in digital infrastructure, as well as building capacity and establishing business incubators to support entrepreneurs and raise awareness among disadvantaged groups. She emphasized the state’s emphasis on strengthening the role of the private sector in the economy through various policies, including the establishment of gipte’s sovereign fund as a reliable mechanism for the government to participate in investments with local and foreign partners, and to exploit untapped assets.
The Minister of Planning explained that despite the challenges posed by the Corona crisis; Egypt remained at the forefront of foreign direct investment in Africa for the fifth consecutive year in 2020/2021, reaching $ 5.9 billion, representing 53% of North African foreign direct investment, noting that foreign direct investment investment increased in the first quarter. From 2021/2022 by 4%, with an increase in inward investment in non-oil sectors by 28%, including industry, financial services, construction and information and communication technologies, which explains that the UK represents 34% of total foreign direct investment , followed by the United States.
Dr. Hala Al-Saeed reviewed Egypt’s efforts to improve the business environment, which includes benefiting from and building on institutional and legislative reforms, such as the new investment and bankruptcy laws, as well as amending the Public-Private Partnership Partnership Act, the amendment of the Capital Market Law, and the launch of the National Structural Reform Program, which includes a set of supporting pillars, including increasing the relative weight of the industry, agriculture, communications and information technology sectors in the Egyptian economy, in addition to the improving the efficiency of the labor market and technical and vocational education and training through the development of the technical education and vocational training system and the establishment of the institutional framework to activate the role of the private sector in education and training, and the integration between the demand- and supply sides of the labor market, Empowerment of women, youth and people with special abilities, with reference to the “Erada” initiative, which aims to build a better legislative framework that supports the investment climate in Egypt.
Regarding Egypt’s presentation of the COP 27 climate summit, Al-Saeed said that the Egyptian government is making great strides in tackling climate change by moving towards a green and sustainable economy, and the preservation of environmental and natural resources. resources, noting that Egypt has made great strides in increasing the share of renewable energy in the energy mix to 20% in 2022, to reach 42% in 2035, through the implementation of major projects such as the Benban Solar Energy Complex in Aswan, the largest wind farms in the world in the Gulf of Suez (Gebel El-Zeit), and e-mobility projects such as monorails, high-speed trains and the conversion of petrol-powered vehicles to gas.
Al-Saeed referred to the preparation of the “National Climate Change Strategy” and the “National Hydrogen Strategy” to encourage the use of blue and green hydrogen as a low-emission energy source to zero, in addition to green incentives to private investment stimulates in green sectors, indicating the sovereign fund’s participation in investments in energy promotion projects Renewable energy, in particular green hydrogen, water resource management and waste management, and the state’s introduction of environmental sustainability standards aimed at increasing the percentage of green projects in the investment plan, as well as Egypt’s issue as the first country in the Middle East and North Africa for green bonds.
Following her participation, the Minister of Planning and Economic Development reaffirmed Egypt’s full readiness to host the COP 27 climate summit in the city of El Salam, Sharm el-Sheikh, and to continue its pioneering role in reaching consensus between all parties. achieve in terms of the implementation of the “Paris Agreement” in a comprehensive manner, and note that the summit opens the door to more opportunities for cooperation and partnerships, the scaling up of collective green restoration and the mobilization of all stakeholders to actively engage in climate action participate.