Minister of International Cooperation, Rania Al-Mashat, emphasized the importance of strengthening international partnerships and creating new mechanisms to address global challenges. She also highlighted the need for better coordination among international financial institutions to support the effectiveness of economic reform programs implemented in various countries.
Mashat made remarks during her participation in a session on the theme of “macro-fiscal policies to manage shocks and build resilience” on the sidelines of annual meetings of the Arab financial institutions in the New Administrative Capital (NAC).
The meeting addressed the series of shocks in the region, elevated global inflation rates, volatile food prices, geopolitical tensions, and trade interruptions.
The minister announced that Egypt has secured concessional financing totaling USD 38.8 billion from international development partners between 2020 and 2023. It was highlighted that approximately USD 10.3 billion has been allocated to various projects aimed at promoting private investments and supporting initiatives to achieve sustainable development.
In her statement, Mashat emphasized that consecutive global crises have an impact on the economic reform strategies implemented by nations, highlighting the significance of incentivizing private sector investments in sustainable initiatives.
It is important to highlight Egypt’s endeavors to collaborate with global financial institutions such as the World Bank Group, the African Development Bank, and the US Agency for International Development, as these partnerships play a critical role in funding the country’s development projects on a national scale.
Mashat emphasized the importance of international finance institutions leveraging their comparative advantages to effectively maximize the benefits of economic reforms across various countries.
