World Fund for Development and Planning – WFDP is an Intergovernmental Organization which has a Multilateral Agreement and has been granted Special Consultative Status to United Nations – ECOSOC in the year 2021. WFDP aims to develop communities and nations, and planning for a promising future, as every human being has the right to a decent life, which is the key of any human development.
Ambassador Ekramy El Zaghat, President of the World Fund for Development and Planning, Special Consultative to United Nations Economic and Social Council (UN-ECOSOC), announced the holding of the largest investment conference for investment in developing countries under the title “Sustainable Investment Alliance Conference,” with the participation of 55 member states of the Fund and the possibility of increasing.
El Zaghat confirmed in a statement today that the conference is scheduled to start next March 2024, with ministerial representation from the participating countries, and that the Fund’s ministerial meeting will be held on the sidelines of the conference. He explained that consultations are currently underway on the location of the conference, and most nominations are heading towards holding it in Cairo or Dubai. The final venue will be announced during the coming period, noting that the number of companies that have expressed their desire to participate has reached 3,500 international investment companies, while the Fund targets the participation of 7,000 companies in addition to the government investment expected from member states and banks seeking to invest in developing countries, especially African countries.
El Zaghat confirmed that the WFDP has signed official agreements as part of its efforts to support developing countries, the most recent of which is the signing of new agreements in Burkina Faso, as well as the signing of several agreements in Somalia, including the establishment of an airport, and a number of agreements related to confronting climate change and digital technology, pointing out that the coalition aims to support countries. The major areas that will be looked into is developing countries by providing investment opportunities from the WFDP member countries and presenting integrated solution models in terms of development and financing.
The President of World Fund for Development and Planning stressed that one of the primary objectives of the conference is to create development and financing opportunities without resorting to borrowing and without putting pressure on the financial system of the targeted countries, as it depends on providing direct investment opportunities and starting to implement them immediately, through companies and investors who they expressed their desire to invest, explaining that this is done through optimal exploitation of the natural resources and components of these countries, especially since African countries are facing a crisis in financing projects there, for which the conference seeks to find radical solutions.
The statement explained that the volume of initial investments expected from the conference amounts to $100 billion through multiple partnerships that countries have expressed their desire to implement, noting that government investment and community programs will be presented during the conference.
Regarding the importance of Egypt hosting the conference, El Zaghat stressed that the conference is a strong opportunity to increase direct investments in Egypt, and the Egyptian government presented the investment opportunities available to the participating countries to contribute to advancing development and attracting more foreign investments to Egypt.
He continued that the most prominent international organizations participating in the conference are the United Nations and the African Union, stressing that the conference primarily aims to provide integrated solutions to developing countries and provide new financing mechanisms without financial pressure on these countries.
The President of the World Fund for Development and Planning indicated that a press conference will be held soon to announce all the details of the conference and the participating countries, organizations, and companies after the final arrangements are completed.