The final declaration of a United Nations conference has cited Egypt’s country platform for the ‘NWFE’ programme as a model for a new generation of platforms and innovative tools to reform the global financial architecture.
The declaration, issued following the 4th International Conference on Financing for Development (FFD4) in Seville, Spain, was part of the “Seville Pledge,” the first internationally agreed development financing pledge since 2015. The pledge aims to close a $4 trillion gap in financing for the Sustainable Development Goals and calls for a restructuring of the global financial system amid escalating debt crises and declining investment.
The conference launched 130 initiatives under the “Seville Platform for Action (SPA)” to stimulate large-scale investment, address debt and development crises, and reform global finance.
Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, said the NWFE programme, launched in 2022, anticipated global calls for platforms that integrate development and climate action.
“At a time when countries are racing to establish national platforms to coordinate development efforts and climate investment, and as successive international forums and events emphasize the importance of national platforms and strategies as a tool to attract investment and capital flows, the country platform of the ‘NWFE’ program, launched by Egypt in 2022, stands out as a pioneering model that anticipated global calls to launch a platform focused on integrating development and climate action efforts, and contributes to mobilizing climate investments in priority areas,” Al-Mashat said.
The minister pointed out that the programme, which focuses on the nexus of water, food, and energy, has mobilised $4 billion in concessional financing over two and a half years. This funding is for renewable energy projects with a capacity of 4.2 gigawatts, supporting Egypt’s efforts in renewable energy and green transition.
Al-Mashat noted that Egypt used a specific approach in designing and implementing the programme, coordinating with national entities and development partners. This enabled the country to maximise public investment and mobilise concessional financing, debt swap mechanisms, grants, and private investment for its projects.
She added that “the projects currently being implemented have become an example of constructive partnerships between various relevant stakeholders, represented by coalitions of local and foreign companies, multilateral development banks, international institutions, and innovative financial mechanisms from bilateral partners such as debt swaps, for effective implementation and achieving desired outcomes.” The ministry has adopted a transparent approach and recently launched a second follow-up report on the programme’s performance.
The programme was also highlighted in an analytical article by Richard Calland, a professor at the University of Cambridge, published on the academic and media platform The Conversation. The article, titled “Development Finance in a Post-Aid World: The Role of National Platforms,” discussed the importance of national platforms as financial tools. It cited the ‘NWFE’ platform as an innovative model for coordinating development finance towards national priorities, particularly in water, food, and energy.
Prominent initiatives launched under the “Seville Platform for Action” include a centre for debt-for-development swaps led by Spain and the World Bank; Italy’s conversion of €230m of African debt into development investments; a “debt standstill clause coalition” of countries and development banks to suspend debt payments during crises; and the Seville Debt Forum to improve coordination in debt management.
The conference in Spain was the first comprehensive UN conference on financing for development since 2015. It drew more than 15,000 participants and hosted 470 events, building on the outcomes of the 2015 Addis Ababa Action Plan, the 2008 Doha Declaration, and the 2002 Monterrey Consensus.
