A silent crisis is forcing developing countries to choose debt repayments over development, with 3.4 billion people living in nations that spend more on servicing debt than on health or education.
At the Fourth International Conference on Financing for Development (FfD4), UNCTAD and partners will spotlight solutions and the urgent political will needed to act. The event will highlight a major commitment under the “Compromiso de Sevilla”: the establishment of a forum on debt, supported by the UN as secretariat. This new forum is also a key proposal from the UN Secretary-General’s Expert Group on Debt. This briefing will underline the commitment of the UN to support this member State initiative and discuss the process of setting up the forum to deliver on its promise of fairer global rules and greater borrower representation.
Speakers:
- Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda and Chair of the Expert Group
- Rebeca Grynspan, Secretary-General, UN Trade and Development (UNCTAD)
- Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Egypt
- Carlos Cuerpo, Minister of the Economy, Trade and Business, Spain
- Mulambo Haimbe, Minister of Foreign Affairs and International Development of Zambia
- Paolo Gentiloni, former European Commissioner for Economy and Co-chair of the Expert Group (Moderator)
Dr. Mahmoud Mohieldin is an economist with more than 30 years of experience in international finance and development. He currently serves as the United Nations Special Envoy on Financing the 2030 Sustainable Development Agenda. Recently, he served as the UN High-Level Climate Champion for Egypt, and as Executive Director at the International Monetary Fund representing the Arab States and The Maldives. Previously, Dr. Mohieldin was the Minister of Investment of Egypt from 2004-2010, and afterwards served as the World Bank Group Senior Vice President for the 2030 Development Agenda, United Nations Relations and Partnerships.
Dr. Mohieldin held seats on several advisory and executive boards in the banking, research, academic and corporate sectors among others, including his role as chairman of the Africa chapter for the Glasgow Financial Alliance on Net Zero (GFANZ). He was a member of the Commission on Growth and Development and was selected a Young Global Leader of the World Economic Forum in 2005. Dr. Mohieldin is a Professor of Economics and Finance at the Faculty of Economics and Political Science in Cairo University and has been a member of its faculty for almost 30 years. In addition to that, he has held posts as a visiting Professor at several renowned Universities in Egypt, Korea, the UAE, the UK and the US.
Dr. Mohieldin holds a PhD in Economics from the University of Warwick, United Kingdom; an M.Sc. in Economics and Social Policy Analysis from the University of York, United Kingdom; a Diploma of Development Economics from the University of Warwick; and a B.Sc. in Economics from Cairo University. He has authored numerous publications and articles in leading journals in the fields of economics, finance, and sustainable development.
Rebeca Grynspan, of Costa Rica, became UNCTAD's eighth Secretary-General on 13 September 2021 and is the first woman to lead the organization.
Prior to her UNCTAD appointment, she was the Ibero-American secretary-general from 2014 to 2021, also the first woman to head the organization. During her mandate, she has coordinated the 22-member Iberoamerican Conference and led four key summits of Heads of State and Government.
In 2010 she was appointed Under-Secretary-General of the United Nations and Associate Administrator of the United Nations Development Program (UNDP) and prior to that was UNDP Regional Director for Latin America and the Caribbean.
Prior to joining the United Nations, Ms. Grynspan served as Vice-President of Costa Rica from 1994 to 1998. She was also Minister of Housing, Minister Coordinator of Economic and Social Affairs, and Deputy Minister of Finance. In 2021 she was named Special International Advisor to the newly created Economic and Social Council of Argentina and invited to join as member of the G20 High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.
In addition to her experience as a lecturer and advisor to several international organizations, she has been actively involved in key United Nations initiatives, such as the Millennium Project's Task Force on Poverty and Economic Development and the High-level Panel on Financing for Development.
In 2014 and 2015, she was recognized as one of the 50 leading intellectuals of Latin America. And she was recognized as one of the 100 most powerful women in Central America by Forbes magazine.
Ms Grynspan holds a degree in Economics by the University of Costa Rica and a MSc in Economics by the University of Sussex. She has been awarded a Doctorate Honoris Causa by the University of Salamanca, the University of Extremadura and the European University of Madrid in recognition of her outstanding professional achievements.
Al-Mashat enjoys more than 20 years of international experience in central banking, financial systems, monetary policy frameworks, international cooperation policies and strategies, sustainable development, and climate finance. She is a co-founder and member of several advisory boards, international alliances, and associations. She pushes forward partnerships and multilateralism as key enablers to accelerate sustainable development, climate action, and gender equality. Managing the country’s partnerships with numerous bilateral and multilateral development institutions, she ensures the alignment and synergy of development finance and activities across different economic sectors. Al-Mashat developed Egypt’s Country Platform for the Nexus of Water, Food, and Energy «NWFE» نُوَف ي , to leverage Egypt’s international partnerships and mobilize climate finance to accelerate the green transition. Her previous roles at the IMF, working with governments in the Middle East & Central Asia, Africa, and Asia, expanded her expertise in development systems and structural reforms in developing and emerging economies. Moreover, she has several publications on monetary policy, financial stability, and institutional reforms.
H.E Dr. Rania A. Al-Mashat has been part of Egypt’s cabinet of ministers since 2018, where she currently serves as the Minister of Planning, Economic Development & International Cooperation, and has previously served as the Minister of International Cooperation (Dec 2019 - July 2024), and also as the first female Minister of Tourism (Jan 2018 - Dec 2019). She worked at the International Monetary Fund (IMF) in Washington, D.C. as Advisor to the Chief Economist (Aug 2016 - Jan 2018), and Senior Economist (2001 - 2005). She also served at the Central Bank of Egypt (CBE), as the Sub-Governor for Monetary Policy (Aug. 2005 - Jun. 2016), where she contributed to modernizing the CBE’s monetary policy strategy, underpinned by structural reforms to formally adopt an inflation-targeting regime, a key pillar of the banking sector reform program launched in 2004. Furthermore, she participated in the country’s macroeconomic management through the design and update of the macroeconomic framework in conjunction with other ministries and government entities and was the CBE’s liaison with the IMF and the Sovereign Rating Agencies.
Al-Mashat served on several boards, including the Egyptian Stock Exchange, the Egyptian General Authority for Free Zones and Investment, the Arab International Bank, and the Arab Investment Bank. In her capacity as Minister of Planning, Economic Development and International Cooperation, she represents Egypt as Governor in several international financial institutions, including the World Bank Group, European Bank for Reconstruction and Development, Arab Fund for Economic and Social Development, Arab Bank for Economic Development in Africa, Islamic Development Bank, and New Development Bank as Egypt joined as a new member in 2023; and as Alternate Governor of Egypt at the African Development Bank, Asian Infrastructure Investment Bank and the International Fund for Agricultural Development.
Moreover, Al-Mashat is a member of several Advisory councils and international alliances including, the United Nations International Children's Emergency Fund (UNICEF) GenU, a Founding Member of the Global Energy Alliance for People and Planet (GEAPP) launched by the Rockefeller Foundation, Founding Member of the Resilience Consortium of the World Economic Forum (WEF), Member of Mission Possible for Climate Action (WEF), Co-Chair of the MENA Stewardship Board (WEF), Member of the New Economy and Society Stewardship Board (WEF), Advisory Member of the Centre for the New Economy and Society (WEF), Member of the Giving to Amplify Earth Action (GAEA) initiative (WEF) and the Co-chair of the Network to Mobilize Investment for Clean Energy in the Global South (WEF). She is also a member of several research centers and think tanks, serving as a member of Bruegel’s Scientific Council, Board member of the Dean's Strategic Advisory Board at the School of Business (AUC), Board Member of the Middle East Economic Association (MEEA), Founding Member of Egypt Network for Integrated Development (ENID), Research Fellow at the Economic Research Forum for Arab countries, Iran and Turkey, and member of the Middle East Economic Association.
In June 2021, Al-Mashat launched a book titled “Stakeholder Engagement Through Economic Diplomacy” for London School of Economics. Additionally, she contributed several chapters to the International Monetary Fund’s book, titled, “Advancing the Frontiers of Monetary Policy”, published in 2018 and edited by Maurice Obstfeld, the Chief Economist at the time. Moreover, she pioneered an international inclusive and consultative process to translate climate pledges into implementable projects in developing countries and transition economies, producing the “Sharm El-Sheikh Guidebook for Just Financing”, which presents an actionable agenda for all relevant stakeholders, listing their roles in achieving just financing outcomes, and maximizing the effectiveness and efficiency of existing climate finance architecture.
Al-Mashat received several international and domestic awards; the 2022 Most Visionary and Outstanding Minister of International Cooperation in Africa” by the Elliott School of International Affairs George Washington University and the GE7 Initiative; the “2019 Global Champion Award” from the World Tourism and Travel Council for launching the Egypt—Tourism Reform Program that has created resilience to the sector; the “2019 Global Leader’s Award for Outstanding Contribution to the Industry” as Egypt’s tourism revenues recorded a new historical high and the “2019 United Nations World Tourism Organization Destination Marketing Award”, for best promotion video for a destination. In 2015 and 2020, she was selected as one of the top 50 most influential women in the Egyptian economy, for the “Choiseul Institute 100 Africa: Economic Leaders for Tomorrow” award in 2014 & 2015, for the 2014 Young Global Leaders (YGL) by the World Economic Forum (WEF), and she was also selected among the 2014 top 10 most powerful women in the Egyptian Banking Sector in the survey conducted by the Bassera Center and selected by the Government of France’s 2013 International Visitor Leadership Program. Furthermore, she received the 2013 Distinguished Alumni Award from the School of Business at the American University in Cairo and received the 2004 Ibn Khaldoun prize for the best paper on one or more Middle Eastern countries given by the Middle East Economic Association, titled “Monetary Policy and Public Debt Management: An Empirical Assessment of the Egyptian Experience”.
Al-Mashat received her PhD and MA in Economics from the University of Maryland, College Park, USA, and BA in Economics from the American University in Cairo. She completed Executive Education certificates in Leadership and Public Policy from the Kennedy School of Government at Harvard University and Transformational Leadership from Said Business School at Oxford University.
H.E. Mr. Carlos Cuerpo Caballero was appointed Spanish Minister of Economy, Trade and Business on 29 December 2023. Prior to his appointment as Minister, he held two senior positions within the Ministry. First, he served as Director General of Macroeconomic Analysis between February 2020 and August 2021, and then as Secretary General of the Spanish Treasury.
Mr Cuerpo began his career as a civil servant in 2008, when he joined the Spanish Corps of State Economists. Since then, he has also worked for the European Commission and the Spanish Independent Authority for Fiscal Responsibility (AIReF).
Carlos Cuerpo holds a Ph.D. in Economics from Universidad Autónoma de Madrid, a Master’s degree from the London School of Economics and a Bachelor’s degree in Economics from Universidad de Extremadura.
Paolo Gentiloni served as European Commissioner for Economy from 2019 to 2024.
In December 2024, the United Nations Secretary-General appointed him Co-Chair of the Group of Experts to Promote Policy Solutions for Resolving the Debt Crisis. He is also a nonresident Distinguished Fellow at the Brookings Institution.
Previously, he served as Prime Minister of Italy (2016–2018), Minister of Foreign Affairs and International Cooperation (2014–2016), and Minister of Communications (2006–2008).
From 2001 to 2019, Gentiloni was a member of the Italian Parliament, where he served as Chairman of the Broadcasting Services Watchdog Committee (2005–2006) and as a Member of the Foreign Affairs Committee (2013–2014).
Earlier in his career, he worked as a professional journalist and served as a Councillor for the City of Rome (1993–2000).
He was also one of the 45 founding members of the Democratic Party (Partito Democratico – PD) and led the party as its President from 2018 to 2019.
Born in 1954, he graduated in Political Science from La Sapienza University in Rome. His most recent book is La sfida impopulista (The (Un)populist Challenge, Rizzoli).