Minister of International Cooperation, Rania Al-Mashat, emphasized Egypt’s dedication to providing support to multilateral international financial institutions in their endeavors to augment their resources and perform their role in aiding the development and growth of emerging and developing nations.
During the Spring Meetings of the International Monetary Fund and the World Bank, held in Washington, D.C. from April 15 to 20, Mashat, who holds the position of Governor of Egypt at the World Bank Group, shared remarks on the subject.
Mashat emphasized the significance of the increasing cooperation between Egypt and the International Finance Corporation (IFC). The IFC’s contribution to the private sector’s growth in Egypt has been substantial in recent years, owing to the large-scale development initiatives undertaken across all sectors since President Abdel Fattah El Sisi assumed office.
Mashat emphasized the increasing role of IFC in facilitating investments and technical support systems for both the public and private sectors.
Regarding Egypt’s efforts to support the role of the corporation, Minister Mashat mentioned that the Egyptian cabinet has given approval to the draft decision on Egypt’s subscription to the International Finance Corporation’s (IFC) capital increase. This step will help to maintain the amount of Egypt’s shares in the IFC, thereby ensuring its voting rights in the organization.
The minister attended several significant events during the WB-IMF Spring Meetings, where she engaged with other leaders in discussions on global economic developments. These discussions included the outcomes of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (Group of 24) and the meeting of the African Caucus for the World Bank, alongside other high-level events.
