Rania Al-Mashat, Egypt’s Minister of International Cooperation and Governor for the World Bank Group, participated in two key events during the spring meetings of the International Monetary Fund (IMF) and the World Bank.
The first event marked the launch of a new joint financing platform established by ten multilateral development banks (MDBs). This platform aims to expand development financing by directing additional capital towards impactful projects around the world.
The platform includes a digital co-financing portal hosted by the World Bank. This secure platform will connect registered co-financing entities with development projects seeking funding. By increasing transparency and efficiency, the portal will facilitate information exchange and co-financing opportunities between MDBs.
In her speech, Minister Al-Mashat emphasized the importance of joint financing between development partners. Highlighting the need for clear national visions and bankable projects, she stressed its effectiveness in tackling large-scale development projects requiring significant funding, particularly for developing and emerging economies.
Egypt, according to the Minister, has successfully utilized international cooperation and development financing frameworks to involve partners in various projects, including comprehensive health insurance. This approach aligns national priorities, strategies, and development plans with projects supported by diverse partners with varying governance structures.
The platform also features a joint financing forum. This forum will provide a platform for participants to discuss co-financing opportunities, best practices, and common challenges. It will further streamline policy coordination and reduce administrative burdens on partner countries, allowing them to improve financing coordination aligned with their priorities and maximize development impact.
The ten participating MDBs include:
- African Development Bank
- Asian Development Bank
- Asian Infrastructure Investment Bank
- Council of Europe Development Bank
- European Bank for Reconstruction and Development
- European Investment Bank
- Inter-American Development Bank
- Islamic Development Bank
- New Development Bank
- World Bank Group
Development Committee Meeting
Al-Mashat also participated in the 109th Ministerial Meeting of the Development Committee, a forum that fosters consensus on international development issues. This committee, composed of 25 member countries from the IMF and World Bank, discussed strategies to strengthen the World Bank’s role in mobilizing financing for developing and emerging countries facing economic crises due to the COVID-19 pandemic and geopolitical challenges. The role of developed countries in supporting these efforts was also a key point of discussion.
During the meeting, the Bahraini Minister of Finance, Sheikh Salman bin Khalifa Al Khalifa, delivered a speech on behalf of a group of Arab nations including Egypt, Bahrain, Iraq, Jordan, Kuwait, Lebanon, Maldives, Oman, Qatar, United Arab Emirates, and Yemen.
The Minister highlighted the region’s gradual recovery from the pandemic’s economic and social impacts, but emphasized how recent geopolitical conflicts have hampered this progress. He pointed to the ongoing war in Gaza and other crises as contributing factors to rising poverty, inequality, unemployment, and slowing economic growth across the region.
The Minister concluded by emphasizing the critical role of the World Bank Group’s knowledge, financing, and technical assistance in addressing these challenges, including the impact of refugee inflows from Syria and other countries.
