What is Egypt's Integrated National Financing Strategy?
Egypt’s Integrated National Financing Strategy (E-INFS) is a key document that highlights Egypt’s approach to financing the SDGs. It proposes a comprehensive national financing framework that includes various financing initiatives aimed at accelerating the achievement of the SDGs. The strategy, through efforts between different national entities and development partners, provides a clear, context-specific roadmap along with a framework for monitoring and evaluation.
It also highlights measures to bridge the financing gap, increase financial flows to key sectors, enhance innovative financing mechanisms, and encourage private sector involvement in sustainable development efforts.
What are the Pillars and Objectives of Egypt’s Integrated National Financing Strategy (E-INFS)?
The strategy focuses on mobilizing sustainable financing to bridge the financing gap and reduce future financial risks and debt. It promotes the shift from traditional financing mechanisms to inclusive financing strategies for sustainable development. The goals include addressing financing gaps to achieve SDGs in priority sectors, improving the alignment of public and private financing with Egypt’s strategic priorities and the SDGs, encouraging private sector investments, improving public expenditure efficiency, and creating a practical roadmap for sustainable and innovative financing to mobilize financial resources on both the local and international levels.
What are the Key Components of Egypt’s Integrated National Financing Strategy?
The components of the strategy include identifying financing gaps in priority sectors by assessing the financing needs of seven priority sectors as a percentage of GDP from 2021 to 2030. It also involves analyzing various financing sources, including current public and private financial flows, local and international sources, and innovative financial resources that can be utilized.
The strategy also sets a framework for investment policies to direct investments toward essential sectors directly contributing to the SDGs and enhancing the investment environment through regulatory simplification, improved governance, and public-private partnerships.
Additionally, the strategy includes a comprehensive roadmap for sustainable and innovative financing through plans to improve public and private resource flows, enhance revenue collection efficiency, increase budget transparency, and stimulate private financing through innovative mechanisms like Islamic sukuk and carbon markets. The governance and coordination mechanisms include a comprehensive government approach to ensure effective coordination between concerned entities through a high-level supervisory committee, technical working groups like the Finance for Development Working Group (FDWG) and the Sustainable Finance Working Group (SFWG), and engaging non-governmental stakeholders in the implementation processes. The strategy also includes monitoring and evaluation mechanisms to track progress towards financing the SDGs in priority sectors and ensure transparency by involving civil society, private sector institutions, and relevant government bodies in the monitoring processes.