Minister of Planning and Economic Development Hala el Saeed said that finance has always been a strong enabling factor in Egypt’s road map towards achieving the sustainable development goals of Egypt Vision 2030.
This came during the minister’s participation Friday 07/6/2024 in a discussion session entitled ‘Transformation for Global Growth: Role of Financial Sector in Achieving Strategic Development Goals,’ within the activities of the St. Petersburg International Economic Forum’s 27th edition, taking place in St. Petersburg, Russia, on June 5-8.
She noted that the Egyptian government has developed a financing formula to allocate financial resources to the governorates in a fair and objective manner as per a set of standards to improve the efficiency of public investment management and enhance decentralization, taking into account the characteristics and circumstances of each governorate.
“Egypt is like many emerging markets. Since the launch of the global sustainable development goals, countries and soci
eties have realized that financial challenges will continue throughout the period of achieving the goals.’ They also know that though they remain vulnerable to external shocks and geopolitical crises, nothing should derail their progress toward fulfilling the SDGs, she said.
She continued by reminding the audience that the financing gap for achieving the 2030 Sustainable Development Goals is widening day by day. ‘To achieve the 2030 SDGs, over 4 trillion dollars are needed to close the global financing gap. The finance needed is only 1% of the global wealth,’ she said quoting UN statistics.
The minister stressed that Egypt will work to raise the level of its infrastructure development, noting that the New Development Bank established by the BRICS can be a valuable source of financing for infrastructure projects in Egypt, especially those focused on clean energy, water management and transportation.
Source: State Information Service Egypt