The Minister of Investment and International Cooperation and Randa Abulhosn Discuss the Procedures of Issuing the New UN Strategic Framework in Egypt Until 2022.
The Minister of Investment and International Cooperation Dr. Sahar Nasr met with Dr. Randa Abulhossn, the Director of the United Nations Development Programme (UNDP) in Egypt; this came on the sidelines of the World Youth Forum, held under the patronage of President Abdel Fattah Al Sisi in Sharm El Sheikh.
Both sides discussed the procedures of issuing the new UN strategic framework in Egypt from 2018 to 2022 in coordination with Mr. Richard Dictus, the UN Resident Coordinator in Cairo. The new framework is in line with Egypt's development agenda and the needs of the Egyptian citizens.
They also discussed the activities of the Development Investment Support Fund launched by the Ministry with the cooperation of the UNDP. The Fund aims at establishing incubators for entrepreneurship in Egypt, and supporting the small investor, in light of the current global trend that focuses on the type of investment and its impact on youth. It will support the development startups and encourage investments that contribute to the achievement of the development goals in different fields such as poverty reduction, job opportunities creation and the renewable energy. In this regard, the Minister asserted on the importance of setting youth projects as a top priority of this Fund, supporting entrepreneurs, and increasing the support provided to the private sector to contribute to the development. This comes for the purposes of (i) linking the development goals to the environmental, social and job creating investments; (ii) providing better services at lower cost for citizens; (iii) stimulating the growth of startups by creating market incentives that allow competition; (iv) supporting the small investor by partnership based on capital; and (v) providing technical training to investors and connecting them to the external market and the advanced technology.
Ms. Randa Abulhossn assured that the Investment Development Support Fund is the first initiative of its kind in the Middle East and Africa, thus positioning Egypt as a pioneer in the field of innovative and sustainable finance for development.
Ms. Randa Abulhossn lauded the World Youth Forum and the keenness of Egypt's political leadership on communicating with youth and engaging them in dialogues and discussions with youth all over the world, thus contributing to the achievement of development goals.
The Minister also confirmed that she works on supporting the achievement of sustainable development goals in Egypt and setting up partnerships with different UN agencies to contribute to attracting investments, through her membership in the Advisory Board of the UN Social Impact Fund (UNSIF).