CAIRO - 22 May 2024: In a significant move, the annual joint meetings of Arab financial organizations kicked off today in Egypt's New Administrative Capital.
The inauguration was in the presence of Prime Minister Mostafa Madbouly, Minister of International Cooperation Rania Al-Mashat, and the Finance Minister of Qatar, Ali Ahmed Al-Kuwari. These meetings underscore Egypt's unwavering commitment to enhancing cooperation and fostering further development with all Arab countries.
Prime Minister Madbouly commended the Arab financial institutions for their steadfast support of Egypt in recent years, which has contributed to the financing of major development projects in the country.
Strengthening the Role of the Private Sector
Recognizing the importance of private sector involvement, the Prime Minister stressed that the
Egyptian government is working to support the private sector and increase its contribution to more than 65 percent of the state's total investments in the coming years.
Minister of International Cooperation, Rania Al-Mashat highlighted the collaborative model between Egypt and Arab financial institutions, which have actively supported the country's developmental goals in multiple domains.
She pointed to the South Helwan Electricity Power Station project, funded by the Arab Fund for Economic and Social Development, as a prominent example of this partnership.
Addressing Regional Challenges
Qatar's Finance Minister, Ali Ahmed Al-Kuwari, underscored the crucial role of Arab financial institutions in helping economies address the economic and social impacts of shocks, such as the Gaza conflict and the COVID-19 pandemic.
He noted that these events have exacerbated regional challenges, affecting commodity prices, trade, and inflation.
In response, Arab institutions have rapidly deployed policies, funding, and technical assistance to support recovery and development. Al-Kuwari emphasized the shared reform needs, including strengthening economic structures, enhancing competitiveness, and addressing climate change, praising Egypt's achievements amidst the regional challenges.
Strengthening Ties with the World Bank
On the sidelines of the meetings, Prime Minister Madbouly met with the Vice President of the World Bank Group for the Middle East and North Africa, Othman Diouni.
They discussed the measures taken by the Egyptian government to reform the economy, including decisions related to financial and monetary policies.
The Vice President of the World Bank Group highlighted the importance of the private sector and agriculture and food security sectors, highlighting the support the World Bank has provided to Egypt's Country Platform for the Nexus of Water, Food and Energy (NWFE).
These meetings demonstrate Egypt's robust partnerships with Arab financial institutions and the World Bank, as the country continues to navigate regional challenges and drive its development agenda forward.
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