H.E. Dr. Rania A. Al-Mashat Continues Meetings with International Partners during the "Summit of the Future" in New York and Discusses Collaborative Efforts with the President of the World Bank Group, the President of the African Development Bank, and the President of the Rockefeller Foundation

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Ajay Banga, President of the World Bank Group, Dr. Akinwumi Adesina, President of the African Development Bank, and Mr. Rajiv Shah, Chief Executive Officer of the Rockefeller Foundation, during the 79th session of the United Nations General Assembly and the "Summit of the Future" in New York.

 

H.E. Dr. Al-Mashat emphasized the strong partnerships between the Arab Republic of Egypt, the World Bank, one of the largest multilateral development banks in the international financial system, and the African Development Bank. She highlighted the collaborative efforts between the ministry and both banks, as well as coordination with national entities, to advance development initiatives, empower the private sector, and enhance economic and social development strategies in Egypt.

 

H.E. Minister Al-Mashat addressed the ministry's efforts to govern and improve the efficiency of investment spending, aiming for a larger role for the private sector as a driver of economic development.

H.E. Minister Al-Mashat outlined the ministry's framework for promoting sustainable economic growth, which is based on three fundamental pillars: reliance on evidence- and data-based policies to identify and address development gaps across sectors; enhancing macroeconomic stability; and implementing structural reforms to increase competitiveness and improve the business environment.

 

Furthermore, H.E. Dr. Al-Mashat emphasized the importance of supporting the resilience of macroeconomic policies, transitioning to a green economy, and mobilizing both domestic and foreign financing to achieve sustainable development through a comprehensive national financing framework that prioritizes resource allocation to key sectors, stimulates private sector investment, and accelerates progress towards the Sustainable Development Goals.

 

H.E. Dr. Al-Mashat underscored the significance of the ongoing discussions during the "Summit of the Future" to fulfill the commitments made by the international community towards a sustainable future. She noted the critical role of multilateral development banks as active components of the international financial system in advancing sustainable development efforts and addressing the challenges faced by developing countries, thereby expanding the financial space necessary for these countries to realize their aspirations in climate financing and action.

 

Additionally, H.E. Minister Al-Mashat explored avenues for joint cooperation with the Chief Executive Officer of the Rockefeller Foundation, highlighting the vital role of non-profit organizations in supporting climate action and enhancing the capacities of developing and emerging countries to implement adaptation and mitigation projects in response to climate change. She discussed collaboration with the Foundation within the framework of international alliances, notably the Global Energy Alliance for People and Planet, which aims to promote international efforts in the areas of green transformation and clean energy.