President Abdel Fattah El-Sisi outlined the pillars of Egypt's vision for enhancing international efforts to finance development, during a high-level meeting ahead of the 4th International Conference on Financing for Development (FFD4) in Spain.
In a speech delivered via video conference, President Sisi said that this meeting is part of efforts to mobilize political support and build the necessary momentum for the success of the upcoming UN-organised conference, according to the Egyptian presidency.
President Sisi also noted that the conference is held at a critical international moment, amid mounting international challenges, particularly the escalation of geopolitical and security tensions, and the increase in unilateral and protectionist measures.
The Egyptian president further highlighted other challenges, such as a decline in efforts to achieve the Sustainable Development Goals (SDGs), a widening financing gap for such goals, and the growing repercussions of climate change.
Moreover, he spotlighted the major changes taking place in the international trade landscape, which he said are adding tension to the global economy.
Such challenges, he noted, impact the economies of all countries, particularly developing countries, undermining their efforts to drive growth and achieve desired development.
The president highlighted the international community’s 2015 agreement on the SDGs as a comprehensive framework for advancing peoples and providing a better life and future.
However, he cautioned that a widening development and financing gap over the past years could make achieving these goals by 2030 unattainable unless effective steps are taken to address it.
He looked forward to ambitious and tangible outcomes of the FFD4, reflecting the collective will to take urgent action to achieve the SDGs.
Furthermore, the president underscored Egypt’s ambition to achieve progress on several issues during the conference, including developing a roadmap to enhance developing countries’ access to concessional and low-cost financing.
“This is in addition to strengthening existing financing mechanisms; establishing innovative new mechanisms, such as debt swaps; developing integrated financing frameworks to stimulate private sector investment,” he added.
The president also underscored the critical need to elevate ambition for reforming the global debt architecture and to formulate concrete and actionable steps to contain the escalating challenge of sovereign debt in developing countries.
President Sisi stressed that failure to achieve tangible outcomes in this regard could cause a new global debt crisis, severely destabilizing economies and exacerbating the already widening development gap.
“We emphasize the vital importance of providing necessary technical support and building the institutional and human capacities of developing nations,” he said during his speech.
This includes technology transfer and the promotion of modern technological and digital tools, including Artificial Intelligence, he clarified.
“Such efforts are vital to strengthen these countries' endeavors to achieve sustainable development and leverage their national resources,” the president added.
Additionally, President Sisi emphasized that the success of the upcoming conference hinges on the level of ambition reflected in its outcome document.
President Sisi concluded by emphasizing that such an approach would provide crucial momentum to achieve the SDGs and fulfil peoples' aspirations for a dignified life, prosperity, and a brighter future.
The event, scheduled to be held in Seville from 30 June to 3 July, also aims to enhance international cooperation in the field of financing for development and bridge the growing development gap.
Source: Al-Ahram Online
