Egypt has called for increased cooperation among African nations to stimulate economic growth, with a focus on facilitating trade and investment across Africa.
Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, who is also Egypt’s governor at the World Bank Group, made the remarks at the 2024 African Caucus Meeting in Abuja, Nigeria, this week.
The meeting, hosted by the International Monetary Fund and World Bank Group governors, aimed to identify ways to accelerate intra-African trade as a catalyst for sustainable economic growth.
Al-Mashat emphasized the importance of strengthening partnerships with multilateral development banks like the World Bank to address Africa’s development challenges and advance the continent’s 2063 agenda.
“We are working to expand the financial resources available to African countries from international institutions to support the implementation of the 2063 development agenda,” she said.
Egypt is seeking to integrate more deeply with its African counterparts as outlined in its Vision 2030 plan, Al-Mashat said. The country is also keen to promote South-South cooperation to share development experiences and best practices.
The minister added that the meeting in Nigeria was an opportunity to enhance collaboration with the World Bank and other stakeholders to activate the African Continental Free Trade Area (AfCFTA) agreement.
Key topics discussed at the meeting included:
- Standardizing payment systems across Africa.
- Accelerating digital transformation.
- Developing sustainable infrastructure.
- Implementing policies to promote digitization.
- Increasing access to finance for startups and digital technology.
- Enhancing regional integration.
The World Bank and the African Development Bank announced a joint initiative to provide electricity to 300 million Africans by 2030 through renewable energy systems and distribution networks.
The meeting also addressed the 21st replenishment of the International Development Association (IDA), the World Bank’s fund for the poorest countries.
Al-Mashat highlighted the importance of the World Bank Group’s affiliated institutions, such as the International Finance Corporation and the Multilateral Investment Guarantee Agency, in supporting private sector development in Africa.
The minister noted that the World Bank has produced several reports on Africa’s development challenges, including studies on digitalization, land policies, and structural reforms to boost the private sector.
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