Governor of the Central Bank of Egypt (CBE) Hassan Abdallah
The inaugural G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, held on 26-27 February, served as a platform for robust discussions on sustainable finance and innovative solutions to global economic challenges.
It also discussed addressing climate risks through green bonds and bold risk-sharing tools.
During the event, Governor of the Central Bank of Egypt Hassan Abdalla underscored the G20 forum's critical role in fostering innovative financing solutions for global development.
He emphasized the necessity of leveraging multilateral development institutions to stimulate growth, calling for a collaborative dialogue with credit rating agencies to refine assessment methodologies that better reflect the unique challenges faced by these institutions.
Furthermore, he highlighted the transformative potential of advanced technologies in optimizing cross-border payment systems while ensuring robust data privacy and security.
A central theme of Egypt's participation was promoting sustainable finance. Abdalla advocated for the expanded adoption of mechanisms like green bonds, PPPs, and blended finance models.
He further stressed the imperative of mitigating climate change risks and enhancing access to sustainable financial resources for developing nations.
Meanwhile, Vice Minister of Finance Yasser Sobhi underlined the importance of a balanced approach to tax reforms that promote economic stability while minimizing inflationary pressures.
He also emphasized digitalization's transformative potential for enhancing tax policy efficiency and compliance and reiterated Egypt’s commitment to supporting a more equitable international taxation system.
Egypt’s participation in the 2025 G20 meetings, at South Africa's invitation, aligns with the target of amplifying Africa’s voice in global economic affairs.
This marks Egypt’s fifth appearance at the G20 since its inception and its third consecutive year of participation, underscoring the continent's growing influence on the global stage.
During its inauguratory address, South Africa, the first African nation to hold the G20 presidency, emphasized solidarity and sustainability as its central themes for 2025.
It also called for enhanced cooperation to address climate change, geopolitical tensions, and economic inequality.
As outlined in their keynote, South Africa’s presidency has highlighted the need for a “just energy transition,” debt sustainability for developing nations, and the harnessing of critical minerals for green industrialization.
The meeting also served as a prelude to November’s G20 summit. It zeroed in on the critical challenges posed by geopolitical discord, evident particularly by the absence of key players like the US secretary of state, secretary of the treasury, and other senior officials from the summit.
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