More development financing needed for developing countries: Shoukry at SDG Summit

Ahram Online , Tuesday 19 Sep 2023

Egyptian Minister of Foreign Affairs Sameh Shoukry called for urgent steps to enhance the capabilities of multilateral development banks to provide necessary development financing for developing countries.

Shoukry at the SDGs summit
Egypt s Foreign Minister Sameh Shoukry addressing the SDGs summit in New York at the United Nations on Monday. Photo: Egyptian Foreign Ministry

 

In a speech at the Sustainable Development Goals (SDGs) Summit at the United Nations headquarters in New York City, Shoukry urged global action to accelerate the SDGs despite international crises that have hindered development.

The Egyptian foreign minister said recent international crises have shown the flaws of the global economic system and led to declining growth, rising inflation, increasing volatility of investment flows, declining food and energy security, and worsening debt for developing countries.

He also called on developed countries to keep their commitments to developing countries.

This includes supporting the just transition to green growth, including activating the Loss and Damage Fund agreed to at the 27th UN Climate Chance Conference (COP27) in Sharm El-Sheikh, he said.

Shoukry also reviewed Egypt's priorities and efforts in implementing its development agenda Egypt Vision 2030, including the Decent Life initiative.

He explained that Egypt is focusing on human development, especially in the health and education sectors, increasing women's participation in the labour market, stimulating private sector participation, and setting a specific target to reduce poverty by 2027.

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