Egypt’s Minister of International Cooperation Rania Al-Mashat, in collaboration with the London School of Economics (LSE), has launched the first book documenting the Egyptian experience in international development.
The book, tilted Stakeholder Engagement Through Economic Diplomacy, was launched on Wednesday via an international event that brought together: Minouche Shafik, Director of the LSE; Carmen Reinhart, Vice President and Chief Economist at the World Bank Group, and Professor at Harvard University; and Eric Berglöf, Chief Economist at the Asian Infrastructure Investment Bank (AIIB).
Also present were representatives from the United Nations (UN), the Organization for Economic Co-operation and Development (OECD), and many other international financial institutions.
The book was co-authored by Minister Al-Mashat and Randa Hamza, the Assistant Minister of International Cooperation for Planning and Monitoring. It is a one-of-a-kind publication documenting Egypt’s experience in international cooperation and development financing.
Minister Al-Mashat said during a press conference after the launch, that the book documents Egypt’s pioneering experience in launching a government-led framework for economic diplomacy. This is based on three pillars, and is aimed at advancing international cooperation mechanisms to achieve sustainable development goals (SDGs).
The book further details different methodologies for mapping the allocation of the Official Development Assistance (ODA) to the UN’s Sustainable Development Goals (SDGs).
The minister added that the book tackles the means of implementing these methodologies through the ODA-SDG map available on the Ministry of International Cooperation’s website, allowing developing and emerging countries to benefit from the Egyptian experience.
She said that the book’s launch took place through the LSE, one of the oldest economic research universities in the world, and with the participation of eminent economic figures. The event reflects the unique Egyptian approach that applies global methodologies on the national level using national expertise.
Minister Al-Mashat elaborated that this experience was reinforced through the efforts made, in cooperation with the International Financial Institutions (IFIS), to advance both the national and global sustainability targets.
She stated that her ministry is careful to base the principles of international cooperation and development financing on clear scientific foundations.
It aims to implement them using national expertise, to ensure the effectiveness of these efforts in realising Egypt’s Vision 2030, and optimising the impact of multilateral and bilateral partnerships.
Minister Al-Mashat pointed out that global economic references and literature highlighted the importance of economic diplomacy mechanisms in fostering economic, social and political relations.
In addition, they underscored the vital role of stakeholders, such as governments, development partners, civil society, and the private sector. At the same time, they emphasised the need for cooperation to promote and advance mutual interests towards achieving global solidarity.
Minister Al-Mashat noted, “The Ministry of International Cooperation launched Egypt’s principles of economic diplomacy in order to harness the socio-economic outcomes of development financing.”
“This was also to ensure that development projects are in line with national priorities and the UN SDGs, and finally to improve the mechanisms of development cooperation to implement projects effectively,” she added, whilst reiterating, “Egypt’s economic diplomacy rests on three principles: Multi Stakeholder Platforms, ODA-SDG Mapping, and Global Partnerships Narrative.”
The minister said that the world has undergone great challenges during the past year due to the novel coronavirus (COVID-19) pandemic. These challenges highlighted the pivotal role of international cooperation as one of the main sources of financing development, and as a framework for global economic integration and solidarity.
The framework of economic diplomacy aims to enhance the participation of stakeholders in formulating priorities and pushing Egypt’s efforts towards achieving its Vision 2030, in line with the 17 UN SDGs.