Minister of International Cooperation Rania Al-Mashat has launched her new book titled Stakeholder Engagement Through Economic Diplomacy, published by the London School of Economics (LSE), in the presence of several eminent international economic figures and institutions.

The launch took place through a virtual event held on Tuesday and attended by Ahram Online.

The book documents Egypt’s pioneering experience in the field of international cooperation and development financing, consolidating Egypt’s principles of economic diplomacy upon which the Ministry of International Cooperation rests.

During the event, Minister Al-Mashat demonstrated Egypt’s experience in adopting economic diplomacy and how the multilateral and international cooperation has been helping Egypt to meet its sustainable development goals (SDGs) agenda.

“In Egypt, the Ministry of International Cooperation is the designated national entity that develops, strengthens and manages economic cooperation with other countries as well as international and regional organizations, including financial institutions and specialized UN agencies. The ministry plays a critical role in facilitating cooperation between national entities as well as international, bilateral and multilateral development partners to channel needed financial and technical resources to support the country’s economic, social and environmental development,” according to Al-Mashat.

The 207-page book showcases the efforts Egypt is making to develop, strengthen and manage economic cooperation with other countries as well as international and regional organizations, including financial institutions and specialized UN agencies.

On her side, the LSE’s director Minouche Shafik noted that Egypt’s model of economic diplomacy and development resources is a blueprint that all countries need to follow, particularly with the severe impacts the COVID-19 pandemic has imposed on all economies.

Chief Economist of the World Bank Group and professor at Harvard University Carmen Reinhart noted that the pandemic has placed a heavy pressure on economies’ budgets and finances, so the need to secure finances to recover, develop, and to meet their SDGs agenda obligations is high.

Reinhart added that financing will be an increasingly important topic over the long term. Transparency, accountability and ownership are key pillars that economies’ efforts worldwide should revolve around, Reinhart explained.

Egypt secured $9.8 billion in development financing for the country’s SDGs in 2020, in response to the challenges that the COVID-19 crisis has imposed, according to the international cooperation ministry.

This included more than $6.7 billion secured for financing sovereign projects and $3.1 billion in support of the private sector.