In the first half of FY2022/2023 (July-December 2022), Egypt’s budget deficit increased to about EGP 367 billion (almost $12 billion), or around 4% of GDP, according to current sources.
Due to strong demand for bonds from frontier markets like Pakistan and Ghana, Egypt’s sovereign US, dollar-denominated bonds saw a minor boost in returns on global markets, rising over 1%, according to Tradeweb via Reuters.
Rania Al-Mashat, Minister of international cooperation, expressed gratitude for the continuous collaboration with Canada to further development measures, including climate action and women’s empowerment.
Al-Mashat emphasized the significance of the agreement reached under the “NWFE” program, which offers all relevant parties a comprehensive platform to accomplish national development and climate action goals in addition to world ones. It demonstrates how the United Nations, one of the biggest multilateral organizations pushing Egypt’s development efforts, is integrated with bilateral development partners.
The Minister said the project, which is in line with Egypt’s climate ambitions and its nationally determined contributions (NDC) announced last month, will be implemented in collaboration with FAO and national organizations, including the Ministries of Environment, Agriculture, Local Development, and the National Council for Women. The state’s attempts to address the ongoing war in Europe and its effects on the world’s food supply networks and food security are also backed by this.
Al-Mashat stated that the newly agreed 2023–2027 strategic framework is strengthened by the new agreement’s cooperation with the UN and its affiliated organizations. During the approaching COP28 climate conference, she noted that continued efforts will be made to carry out “NWFE” program pledges and declare outcomes in collaboration with all partners.
Hesham Amna, Minister of local development, emphasized the crucial role that this project will play in boosting resilience in the governorates of Aswan, Beheira, and Kafr El-Sheikh through collaboration with some partner ministries, including the National Council for Women, International Cooperation, Agriculture, and Environment, in addition to working with the United Nations Food and Agriculture Organization.
Amna pointed out that the Egyptian government is implementing presidential directives to strengthen partnership initiatives and cooperation with all international development governments and foreign and Egyptian private sectors, to promote the green transition, reduce carbon emissions, and prepare for the effects of climate change.
Louis Dumas, Ambassador of Canada in Cairo, said that the project is evidence of the cooperation between Egypt and Canada and expressed his joy at working with FAO to realize shared development objectives. He commended Egypt’s initiative and contribution to the COP27 climate summit.
By lowering poverty rates and boosting food security, the project seeks to enhance the lives of Egyptian citizens living in Egypt’s most disadvantaged rural communities. It will help them create and put into practice strategies that allow for adaptation to climate change, ensuring that the project is advantageous to everyone whose livelihood depends on agricultural output and food.
The project will be implemented over four years, from 2023 to 2027, focusing on the governorates of Aswan, Beheira, and Kafr El-Sheikh. It will accomplish several goals, including improving the ability of 4,536 farmers to adapt to climate change and boosting their agricultural output and productivity through the use of innovative techniques and climate-smart agricultural technologies. Agrobiodiversity for smallholders will also be promoted as a strategy for climate adaptation, with a focus on soil and plant health, and an enabling environment will be created to integrate climate adaptation and smart agricultural practices and technologies and promote biodiversity with local agricultural food systems, benefiting at least 144 rural communities.
Abdulhakim Elwaer, the FAO Regional Representative, thanked the Egyptian and Canadian governments for their ongoing assistance and said FAO in Egypt serves as a successful example that may be used in other nations.
He continued by saying that FAO will work with the Ministry of International Cooperation to promote success stories used in Egypt to strengthen sustainable development goals through the “NWFE” program on international forums, giving others the chance to reproduce them locally.
Nassraddin Hage Al-Amin, the country director for FAO, stated that the organization has never wavered in its commitment to assisting Egypt in attaining sustainable development and has gone above and beyond to improve possibilities.
He expressed happiness over signing the contract and emphasized that the Canadian government was crucial in developing the project to boost food value chains, support small farmers, and improve adaptation efforts as part of the “NWFE” program. Egypt has consistently backed FAO’s initiatives, housing the country office created in 1967 and the regional office formed 70 years ago.
Elena Panova, the UN’s resident coordinator in Egypt, expressed her appreciation for the close ties between Egypt, Canada, and FAO. She stressed the need for more of these collaborations to strengthen initiatives for climate change adaptation and mitigation.
