Monday 10 Mar
Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, led the Egyptian delegation at the first 2025 meeting of the G20 Finance Ministers and Central Bank Governors. The two-day meeting was recently hosted by South Africa. The delegation included Mr. Rami Abul Naga, Deputy Governor of the Central Bank of Egypt for Monetary Stability, and Mr. Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies.
The meetings focused on South Africa's G20 presidency priorities and the 2025 vision, including enhancing economic cooperation to address growth challenges and capitalize on opportunities. Discussions also covered global financial architecture, financial sector issues, and sustainable financing.
During the meetings, the Governor of the Central Bank of
Egypt emphasized that the forum provides a valuable opportunity to discuss
current economic and financial challenges, exchange best practices, and propose
innovative financing solutions to advance global development. He also highlighted
the critical role of multilateral development institutions in this endeavour.
In this context, he stressed the importance of the G20
facilitating enhanced dialogue with credit rating agencies concerning the
frameworks of multilateral development institutions. He further emphasized the
necessity of focusing on utilizing technological developments in cross-border
payment settlements, coupled with comprehensive data privacy and security
safeguards.
He also discussed strategies to enhance sustainable
financing, addressing climate change risks. He emphasized supporting
public-private partnerships, promoting sustainable financial instruments like
green bonds, and strengthening risk-sharing mechanisms such as blended finance
and credit guarantees.
It is worth noting that Egypt's participation in the 2025 G20 meetings follows an invitation from South Africa, the group's president from December 1, 2024, to November 2025, under the theme "Solidarity, Equality, and Sustainability." This marks Egypt's fifth participation since the G20's inception, and its third consecutive appearance.
