Ministry of International Cooperation
El-Khatib emphasized the importance of aligning efforts with global partners to expand productive and service sectors capable of generating financial returns
Through proactive engagement with esteemed international organizations such as the World Bank, IMF, African Development Bank, and UN agencies, the MoIC has successfully secured crucial funding and technical assistance for diverse development projects.
This funding is the first step in a larger $6 billion support program unveiled in March 2024.
The objective is to strengthen foreign direct investment in Egypt, specifically targeting private sector companies.
Egypt's delegation joined the meetings as part of its commitment to enhancing cooperation with African nations and strengthening relationships with key development partners.
In an official statement from the MoIC, Quaroni shared that the Italian government is taking a keen interest in supporting the sectors targeted by Egypt’s Nexus of Water, Food and Energy (NWFE) Program
During the annual meetings of Arab financial institutions in Egypt's new administrative capital, Egypt's Minister of International Cooperation, Rania Al-Mashat, held bilateral discussions with the Tunisian Minister of Economy and Planning as well as the Director-General of the OPEC Fund for International Development
According to the ministry, $28.5 billion was allocated to various sectors while $10.3 billion has been channeled into the private sector, particularly focusing on initiatives related to climate action, development, and empowering the private sector
However, developing and emerging countries received only 13% of these funds, while the countries of the Global South received a mere 2%
The event, titled "Global Collaboration, Growth and Energy for Development," will take place on April 28 and 29. Over 1,000 participants from governments, the private sector, and international institutions are expected to attend.
Minister Al-Mashat emphasized the urgent need to address this imbalance and stressed the importance of fostering partnerships between multilateral development banks to rectify the situation
During her presentation, Minister Al-Mashat highlighted the distinction between short-term economic stability policies and long-term structural reforms
Egypt’s Minister of International Cooperation (MoIC), Rania Al Mashat, recently stated in an interview that the World Bank (WB) is expected to disburse $1 billion during the second half of 2024 as part of the $6 billion support package announced back in March
Rania Al-Mashat, emphasized the crucial role of sustainable infrastructure in driving economic and social progress worldwide. However, she acknowledged the significant gap between the current global infrastructure needs and the projected spending by 2030, estimated at $15 trillion
Al-Mashat highlighted the potential of debt swaps to enhance countries' fiscal capacity, enabling them to expand investments in climate action
Al-Mashat called for a focus on supporting project structuring and bankability and addressed the G24 Governors
The Minister also discussed topics including the development policy financing program, cooperation in various fields such as attracting foreign investment and promoting industrial development, and support for social protection initiatives
During the meeting, Minister Al Mashat expressed Egypt's gratitude for the ongoing cooperation with JICA, highlighting the alignment of visions and the commitment to strengthening joint efforts
During the meeting, they also discussed joint work in the field of food security and enhancing agricultural investment in Africa, in addition to various development fields
Over 80 percent of these investments were directed towards the private sector, resulting in the implementation of 174 projects across various development sectors
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