Latest news with #MahmoudMohieldin
Scoop
3 days ago
- Business
- Scoop
Secretary-General Launches Report To Break 'The Cycle Of Debt Distress', Ahead Of Major UN Financing Conference
New York, June 27, 2025 - The United Nations Secretary-General today presented new recommendations– Confronting the Debt Crisis: 11Actions to Unlock Sustainable Financing –that aim to break the cycle of debt distress and lay the foundation for unlocking long-term, affordable financing that supports sustainable development. With two-thirds of low-income countries now at high risk of—or already in—debt distress, the report highlights a growing crisis: soaring debt service costs are crowding out vital investments in education, health, and climate resilience. 'The current global debt system is unsustainable, unfair and unaffordable, with many governments spending more on debt payments than on essentials like health and education combined,' said the Secretary-General. 'These 11 immediately actionable proposals can help resolve the debt crisis, empower borrower countries, and create a fairer system.' Prepared by the UN Secretary-General's Expert Group on Debt, the report reinforces the commitments put forward in the FfD4 Outcome Document and makes the case that an end to the debt crisis is entirely feasible—if opportunities are seized. Implementing Policy Priorities Acknowledging the dedication of the Expert Group, the Secretary-General emphasized that the actions, rooted in the Outcome Document, have the potential to drive both short-term impact in relieving pressures on indebted countries, and long-term impact expanding access to long-term, affordable financing that drives sustainable development. The actions are structured around three areas: reforming the multilateral financial system; strengthening cooperation among and providing technical assistance and capacity-building support to borrowing countries; and encouraging borrowing countries themselves to adopt policies and reforms that result in enhanced debt management and improved financing strategies. They include efforts to normalize debt service pauses during crises, including climate-related disasters or other external shocks. This gives space for urgently needed resources to go toward crisis responses. Another area the UN is ready to support is the implementation of a Sevilla forum on debt. About the Secretary-General's Expert Group on Debt Established in December 2024, the Secretary-General's Expert Group on Debt brings together global leaders and technical experts to identify actionable, politically viable solutions to the current debt and development crisis. Led by the UN Conference on Trade and Development (UNCTAD) as Secretariat, with support from the UN Department of Economic and Social Affairs, UN Development Programme and UN Regional Economic Commissions, the Secretary-General called for urgency in implementation. The Group is chaired by Mr. Mahmoud Mohieldin, UN Special Envoy on Financing for the 2030 Agenda, with co-chairs Mr. Paolo Gentiloni, former EU Commissioner for Economy; Mr. Trevor Manuel, former South African Finance Minister; and Ms. Yan Wang, Senior Researcher at Boston University's Global Development Policy Center. About FFD4 The Fourth International Conference on Financing for Development, to take place in Sevilla, Spain, from 30 June to 3 July 2025, presents an opportunity to address these adverse debt dynamics and assist in getting development back on track. The Conference is expected to adopt the Compromiso de Sevilla, an intergovernmentally negotiated outcome, which was approved for adoption by consensus at the Fourth Preparatory Committee Meeting for FFD4 (17 June 2025). The Conference will mark the beginning of implementation of the Outcome Document, signaling a new phase of collective action on financing for development. Coalitions of countries and diverse stakeholders will announce ambitious commitments and solutions under the Sevilla Platform for Action that will operationalize the renewed financing framework and move from dialogue to delivery. The snapshot policy recommendations: A. Multilateral reforms Repurpose and replenish existing funds to enhance liquidity support by extending maturities, financing loan buy-backs and reducing debt servicing amid crises Normalize debt service pauses during crises, including climate-related disasters or other external shocks Reform the G20 Common Framework Reform the debt sustainability analysis to better reflect the position of developing countries Re-channel Special Drawing Rights (SDRs) through the IMF's RST and MDBs where legally possible for scaled-up liquidity and development support B. Co-operation between countries Establish a shared information hub to provide technical assistance and guidance on innovative financial instruments, including debt-for-development swaps Establish a forum for borrowers to share knowledge and experiences, provide advice and enhance the effectiveness of their representation and voice in international forums Expand technical assistance and capacity development to debt management offices and treasuries C. National measures Strengthen institutional capacities to address liquidity risks, currency mismatches and interest rate exposure and improve debt management Improve the quality of investment project pipeline and establishment of national country platforms Reduce the transaction costs and raise the impact of debt swaps and other innovative financial instruments through scale, standardization and frequency and alignment with national development strategies
Zawya
26-05-2025
- Business
- Zawya
Al Baraka Group announced as global partner of the 2nd Global Islamic Economy Summit in Istanbul
Manama: Al Baraka Group (ABG) has announced its sponsorship as a Global Partner of the 2nd Global Islamic Economy Summit in Istanbul. This high-level summit, held under the theme: 'Islamic Economics Strategies: Path to an Influential Global Economy,' will take place at Istanbul Financial Center (IFC), from Friday May 30th to Sunday, June 1st 2025. With a legacy spanning over fifty years of leadership, Al Baraka Group continues through this strategic partnership to play a pivotal role in shaping the future of Islamic economics across continents. The Group is not merely a leading financial institution, but also a visionary force driving profound transformations to ward ethical economies, inclusive development, and global strategic dialogue. We are also proud and honored to announce that this prestigious summit is held under the presence of the President of the Republic of Türkiye, H.E. Recep Tayyip Erdoğan, who will officially opening the summit. The summit's agenda, attended by global influencers, top economists, and leading thought leaders, includes keynote speeches from H.E. Shaikh Abdullah Saleh Kamel, Chairman of the Board of Trustees of AlBaraka Forum, and H.E. Dr. Mahmoud Mohieldin, United Nations Special Envoy. The summit will also witness the official launch of the AlBaraka Islamic ESG Index, powered by Spectreco, and a special session held under the auspices of the Saleh Kamel Islamic Economics Award, featuring leading researchers from top Turkish universities. The summit's proceedings will be divided into six thematic panel sessions addressing strategic issues, including: The strategic roadmap for central banks in promoting Islamic economics, finance, and banking at the national and international levels; Strategic planning for the sustainable development of the Islamic economy (short- and long-term) ; Strategic Islamic economic planning; Economic strategies for sustainable growth in the Islamic economy; Strategies for social and environmental well-being, social justice, and economic empowerment; and Strategies for Islamic entrepreneurship and startups to achieve sustainable success. On this occasion, Mr. Houssem Ben Haj Amor, Board member and Group CEO of Al Baraka Group, stated: 'We are delighted to sponsor the second Al Baraka Summit in Istanbul, reaffirming our continued commitment to the values laid down by our late founder, Shaikh Saleh Kamel.' He added: 'Through our sponsorship of this summit, we reaffirm Al Baraka Group's role as a leading reference in Islamic banking and finance dedicated to establishing and advancing the Sharia-compliant foundations of economic transactions and the broader Islamic economy.' About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
Al Etihad
15-05-2025
- Business
- Al Etihad
UAE leading model in economic diversification, AI adoption: UN Envoy
15 May 2025 15:42 ABU DHABI (WAM) United Nations Special Envoy on Financing the 2030 Agenda for Sustainable Development, Dr. Mahmoud Mohieldin, has praised the UAE as a pioneering model in the region for economic diversification, future-focused investment, and the strategic use of advanced technologies to drive sustainable to WAM, Dr. Mohieldin highlighted the UAE's robust economic growth, powered by the rising contribution of non-oil sectors and increased investments in technology and renewable energy, despite global economic challenges and volatility in emerging indicated that the UAE's economic policy has placed a strong emphasis on enhancing private sector participation and expanding investments in solar and wind energy, green hydrogen, and the peaceful use of nuclear UN officials also underscored the UAE's rapid shift toward digital transformation and artificial intelligence, not only as tools to improve operational efficiency but as key pillars for boosting economic competitiveness and creating new avenues for commended the country's efforts in building digital infrastructure and supporting innovation-driven enterprises and a regional level, he said that economic growth forecasts for the Middle East have been slightly revised downward, citing global trade tensions and a slowdown in international investment flows. According to international financial institutions, regional growth is expected to range between 2.5% and 2.7% this year, about one percent lower than the average for emerging markets and developing economies.
Arab News
28-01-2025
- Business
- Arab News
Mideast, North Africa region ‘among world's best' for renewable energy, says UN official as climate forum opens
RIYADH: The Middle East North Africa region is 'among the world's best locations for renewable energy,' a UN climate official told Arab News recently, ahead of a Bahrain climate conference that opened today. Mahmoud Mohieldin, the UN special envoy for financing the 2030 sustainable development agenda, shared his insights on the MENA region, financing climate and regional energy resilience. The third annual Sustainability Forum Middle East takes place on Jan. 28 and 29. Held under the patronage of Mohamed Bin Daina, Bahrain's minister of oil and environment and special envoy for climate affairs, the SFME is supported by the Supreme Council for Environment. The two-day event is expected to attract over 400 senior business leaders and sustainability experts from the region and beyond. The forum features more than 50 speakers from the MENA region, Europe, the UK, US and Brazil. 'The region is among the world's best locations for renewable energy, and MENA countries are becoming increasingly prominent players in that sphere.' 'Between 2013 and 2023, the Middle East region quadrupled its share of solar energy generation, and it is currently home to record low levelized costs of electricity for solar PV (photovoltaic power),' he said. While acknowledging the region's unique strengths, Mohieldin also highlighted challenges posed by geopolitical tensions and strained economic conditions. He stressed the importance of exploring mechanisms including carbon markets and debt swaps. 'Egypt's launch of its first regulated voluntary carbon market is a significant step toward achieving economic and environmental sustainability,' he noted. Commenting on the forum, Mohieldin said: 'Events like the Sustainability Forum Middle East are essential to building on the momentum generated by successive COPs (Conference of the Parties) in the region and driving further action.' On the topic of public-private collaboration, Mohieldin said: 'The private sector enjoys significant financial resources that can be directed toward sustainability. Almost half of climate finance provided worldwide between 2011 and 2020 came from the private sector.' Mohieldin also highlighted the transformative potential of technology and innovation in addressing climate challenges. 'Innovation is what made renewables today ubiquitously cheaper than any other energy source. Solar panel costs, for example, have fallen by around 20 percent for every doubling of global cumulative capacity,' he said. Mohieldin pointed to the rapid advancements in artificial intelligence as a double-edged sword, offering tools for predictive modeling and climate risk assessment while also raising concerns about the 'AI divide,' which could disadvantage developing countries. When asked about his expectations for this year's forum, Mohieldin outlined several key areas of focus, including hydrogen, water security, and Carbon Border Adjustment Mechanisms. 'The imminent implementation of CBAM will have notable consequences on critical industries in the region. Discussions at the forum should focus on synthesizing policy solutions to mitigate risks while using CBAM as an opportunity to nurture domestic or regional carbon markets,' he said. Mohieldin also called for a greater emphasis on turning the region into a contributor to advanced technologies, rather than just a user, to strengthen its role in global sustainability.
