NEW ADMINISTRATIVE CAPITAL, Egypt – Egypt’s International Cooperation Minister Rania el Mashat called for enhancing international partnerships and establishing new mechanisms to address challenges.
She also stressed the need to achieve integration among international finance institutions, which in turn contributes to reinforcing the effectiveness of economic reform programs that are implemented with different countries.
Mashat made the remarks during her participation in a session under 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 session tackled successive shocks in the region, high global inflation rates, the fluctuation in food prices, geopolitical tensions and trade disruptions.
The minister said that Egypt had received concessional finance worth USD 38.8 billion through international development partners from 2020 to 2023, pointing out that some USD 10.3 billion was directed to carrying out several projects that stimulate private investments and support efforts aimed at achieving sustainable development.
Mashat stated that successive global shocks affect the economic reform policies adopted by countries, underlining the importance of stimulating private sector investments in green transition.
She said that Egypt has been seeking to draw up an integrated framework among various international finance institutions such as the World Bank Group, the African Development Bank and the US Agency For International Development to cooperate in financing development projects nationwide.
Mashat added that international finance institutions should make the best use of their comparative advantages to maximize the fruits of economic reforms in different countries.
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