Within the activities of the New Development Bank Annual Meetings, H.E. Dr. Rania A. Al-Mashat Discusses Benefit of Grants for Feasibility Studies & Enhancing Triangular Cooperation with CEO of the Multilateral Cooperation Center (MCDF)

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Mr. Zhongjing Wang, Chief Executive Officer (CEO) of Multilateral Cooperation Center for Development Finance (MCDF), met on the margins of H.E. participation at the ninth annual meeting of the Bank's Board of Governors, titled "Investing in a Sustainable Future", in Cape Town, South Africa.

 

The meeting discussed enhancing aspects of joint cooperation between the government and the Multilateral Cooperation Center for Development Finance (MCDF), which established in 2020, with the aim of enhancing capacity building efforts and technical support for infrastructure projects, by engaging with key partners such as the Asian Infrastructure Investment Bank, the African Development Bank, the International Fund for Agricultural Development, and the African Finance Corporation.

 

During the meeting, H.E. Dr. Rania A. Al-Mashat explained that the world's challenges from the coronavirus pandemic and the Russian-Ukrainian war have proved that the establishment of reliable and resilient infrastructure systems is vital to absorb unexpected economic shocks, as well as the need to invest in infrastructure projects for global economic recovery.

 

The Minister stressed the Egyptian government 's keenness to expand the scope of cooperation and coordinate efforts with the center to support the Egyptian government in its transition towards a green economy. She also discussed the "NWFE" platform, explaining that after the adoption of Egypt's National Climate Change Strategy 2050, a group of priority projects for adaptation and mitigation were identified that are consistent with the national and international climate change agenda, as a national platform was launched that includes interconnected projects in the fields of water, food and energy, aiming to shift from pledges to implementation and accelerate the climate action agenda in Egypt by encouraging green investments.

 

Al-Mashat added that through this country platform, Egypt's partnerships with many stakeholders are leveraged to attract funding, provide technical support, increase private investment, through innovative financing methods including mixed financing, including blended financing. It also provides a practical model for country ownership that can be replicated in other regions around the world to enhance climate action.

 

In this regard, the Minister discussed proposals for cooperation with the MCDF on NWFE, where the Center can provide grants to conduct feasibility studies for specific projects in various fields, stressing that the Ministry is working to advance work with international partners to enhance fair financing and encourage innovative systems for climate financing.

 

The meeting also discussed South-South and triangular cooperation, and the ministry’s launch of a strategy to enhance these mechanisms, stressing the government’s efforts to activate the strategy by using available international platforms for South-South and triangular cooperation to promote successful development practices, including those implemented in cooperation with development partners, in addition to enhancing communication through strategic communication mechanisms with emerging and developing countries to enhance knowledge exchange, in addition to working to transfer and exchange expertise.

 

The meeting discussed the possibility of cooperation with the center to support Egypt's strategy towards enhancing South-South economic cooperation and triangular cooperation by holding workshops targeting Egyptian and African officials in areas of mutual interest such as the green economy.