Kampala: H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, represented Egypt at the G20 Development Working Group Ministerial Meeting held in South Africa. She participated in drafting and launching the Ministerial Declaration at the conclusion of the meetings.
According to African Press Organization, the Ministerial Declaration underscored development financing as a core shared priority, emphasizing the need for enhanced domestic resource mobilization, addressing illicit financial flows, and strengthening multilateral and innovative financing mechanisms. The declaration aims for 100 countries to implement integrated financing programs or country financing platforms funded by public, private, and philanthropic sources by 2030.
Egypt has initiated collaboration with Mexico to understand the design and implementation mechanisms for national platforms. H.E. Dr. Al-Mashat highlighted the importance of private sector engagement in development financing, improving governance in international financial institutions, and strengthening the United Nations' role in setting global economic rules. She also emphasized debt sustainability and the need to update the Debt Sustainability Analysis for a fairer assessment for developing countries, particularly in Africa, to support them with incentive tools and mechanisms to overcome ongoing debt challenges.
Aligned with the G20 ministers declaration, which stresses the need to bridge the $4.5 trillion annual SDG financing gap, H.E. Dr. Al-Mashat stressed expanding blended finance, public-private partnerships, and implementing debt-for-development swap programs. She referenced Egypt's experiences with Italy, Germany, and China in investing in high-impact projects, making it a successful model.
Between 2020 and May 2025, Egypt mobilized approximately $15.6 billion for private sector financing from international partners, with $4 billion allocated to the private sector under the "NWFE" program. Despite the lack of an internationally agreed definition for Global Public Goods, the G20 Ministerial Declaration emphasized the need to enable their provision and support low-income and developing countries in implementing the 2030 Agenda.
The Minister reiterated that development financing and investments in essential sectors are crucial for sustainable economic and social growth, impacting human well-being and productivity. She called for achieving a common vision in line with the G20 Declaration by mobilizing long-term financing and rethinking multilateral cooperation. With over $460 trillion in global assets, the potential to bridge SDG financing gaps is attainable if countries redirect capital towards sustainable priorities.
H.E. Dr. Al-Mashat concluded that the outcomes of the Ministerial Meeting should mark the beginning of a practical phase to translate commitments into tangible progress, moving from policies to practices with strong political will, ensuring no country is left behind in pursuing a sustainable and equitable future.
The G20, the premier forum for international economic cooperation, plays a crucial role in shaping global economic governance. Its membership includes 19 countries, the European Union, and the African Union. South Africa, assuming the G20 presidency from December 2024 to November 2025, is committed to focusing on people, development, and solutions amidst a complex global geopolitical landscape. This comes amidst Egypt's experience as a middle-income country in balancing its national priorities.