Egypt’s development potential is enormous, human capital is key: Mahmoud Mohieldin

Egypt possesses vast potential for economic growth, said Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development, on Sunday.  He emphasised the critical role of its human capital in driving sustainable development.

Speaking at the third conference for the National Initiative for Smart Green Projects, Mohieldin stressed the importance of supporting innovative projects that contribute to the country’s green transition.

“Egypt is not just the gift of the Nile—its people are the ones who have harnessed the country’s vast resources and unique geographical advantages,” Mohieldin stated, reinforcing the significance of demographic wealth in economic growth.

He praised Egypt’s successful hosting of the UN Climate Change Conference COP27 in Sharm El-Sheikh in 2022 and lauded the National Smart Green Initiative as a transformative step toward environmental sustainability, aligning with the global climate agenda.

Despite economic challenges, the initiative has seen remarkable engagement, with nearly 18,000 projects submitted across three editions. This strong participation, particularly from young entrepreneurs, highlights Egypt’s commitment to green innovation and sustainable business solutions.

Addressing the broader economic landscape, Mohieldin pointed out the global decline in development aid, which poses challenges for many African nations that rely on such funding for up to 50 per cent of their economies. For Egypt, he stressed, initiatives like the Smart Green Projects are essential in attracting international investments, mobilising local resources, and mitigating investment risks.

He also cited a statement by International Monetary Fund (IMF) Managing Director Kristalina Georgieva, highlighting that economic growth depends on four key pillars: diversification, digitalisation, streamlining regulations, and facilitating investment procedures.

Attribution: Amwal Al Ghad English