H.E. Dr. Rania Al-Mashat Engages in Key World Bank Meetings on Shaping the Future of Development and Climate Financing

H.E. Dr. Rania Al-Mashat, the Minister of Planning and Economic Development and Egypt’s Governor at the World Bank, has actively participated in the 2024 World Bank Annual Meetings held in Washington, D.C. During the meetings, Al-Mashat engaged in a series of high-level dialogues and interactive panels to discuss climate finance, the future of global development, and the challenges facing the world today.

 

The Future of Growth

 

Al-Mashat participated in a session with the Peterson Institute for International Economics on "The Future of Growth Dialogue", to discuss the prospects and priorities of the global economy, highlighting the best practices and policies at the national level that promote innovative, inclusive, sustainable and adaptable growth to changing circumstances. This was in the presence of a distinguished lineup of speakers from both the public and private sectors, including notable figures such as Dr. Mahmoud Mohieldin, the UN Secretary-General’s Special Envoy on Financing for Development, and Masood Ahmed, the President of the Center for Global Development.

 

During this critical discussion, H.E. Dr. Al-Mashat articulated the pressing need for developing countries to adopt innovative, diversified, and inclusive economic growth models that are meticulously tailored to their unique circumstances and challenges. She emphasized that robust partnerships between the public and private sectors are not merely beneficial but essential for catalyzing inclusive and sustainable economic growth. Moreover, this is in addition to innovative financing tools that work to bridge development gaps. H.E. explained that studies indicate that the decline in capital flows as a result of increased debt and high risks which hinders the ability of emerging and developing economies to achieve quality growth, and thus prevents improving the living conditions of citizens.

 

Al-Mashat also explained that in light of these conditions, calls have emerged to reform the global financial architecture, in order to enable countries to achieve positive growth. H.E. stressed that the Bridgetown Initiative, which was launched in 2022, seeks to change the global discourse on reshaping the global financial system and increasing capital flows to achieve sustainable development goals.

 

Al-Mashat added that the International Monetary Fund reached an agreement this month on a comprehensive package that significantly reduces the cost of borrowing, while maintaining the Fund’s financial capacity to support the most needy countries, as the adopted measures will reduce the cost of borrowing by the IMF for members, noting that these developments are a step in the right direction, to ease the financial burdens on middle- and low-income countries due to the cost of borrowing, which reduces the perception of risks, and thus attracts investments to achieve growth.

 

Nature Finance

 

H.E. Dr. Al-Mashat participated in a vital seminar dedicated to enhancing climate financing in preparation for the upcoming COP30. This seminar, hosted by UN Deputy Secretary-General Amina Mohammed, emphasized the urgent need to balance adaptation and mitigation projects to effectively combat the escalating impacts of climate change.

 

During her address, Dr. Al-Mashat pointed out the importance of addressing climate changes, stressing that countries differ in their approach to climate change problems, so it is necessary to emphasize striking a balance between adaptation and mitigation projects, taking into account international institutions and those committed to climate issues, as well as the needs of countries.

 

H.E. highlighted Egypt's pioneering experience in the field of climate action, through the launch of the National Climate Change Strategy 2050, and other sectoral strategies, in addition to launching the "NWFE" program, and the launch of the Financial Regulatory Authority’s first regulated voluntary carbon market; an important step in accelerating progress towards the green economy.

 

The Minister stressed the need to find innovative financing mechanisms to solve climate issues and challenges, especially for developing countries, stressing that climate financing is a fundamental pillar for achieving progress in countries' efforts to confront climate change, as highlighted by Egypt when COP27 was hosted in Sharm El-Sheikh in 2022.

 

Building Stronger Health Systems: The Path to Delivering on Universal Health Coverage

 

The Minister participated in an event entitled "Building Stronger Health Systems: The Path to Delivering on Universal Health Coverage", where H.E. pointed to the strength of the long-term relations and partnership between the Egyptian government and the World Bank Group, which cooperates closely with the government to implement strategic projects and provide several technical assistance programs in various fields.

 

Al-Mashat explained that the Egyptian government is formulating a new vision that prioritizes human development, within the framework of the interconnection between human development and economic development, referring to the presidential initiative "Bedaya", which represents a new beginning in the government's efforts to increase investment in human capital through various initiatives and efforts from different ministries.

 

H.E. also reviewed the efforts of the Ministry of Planning, Economic Development and International Cooperation through its tools in terms of mobilizing funding, whether locally or through external funding, to support the human development sector, explaining that a total of EGP 118 billion has been allocated within the 2024/2025 fiscal year plan for the human development sector.

 

H.E. stressed that the Ministry of Planning, Economic Development and International Cooperation gives priority to the human development sector in its cooperation with international partners during the formulation and preparation of cooperation strategies between Egypt and development partners, such as the United Nations, the World Bank Group, the European Union, the United States, China, and a number of other bilateral and multilateral partners. The Minister stressed that economic development can only be achieved by enhancing human development. Al-Mashat added that the universal health insurance project is supported by development partners, including the World Bank Group, which enhances the state's ability to provide mandatory health coverage for citizens and unify efforts with the private sector, and provide advanced and high-quality care services to all citizens, which makes it a high priority in cooperation with development partners.

 

Delivering in a Fragile World

 

Furthermore, H.E. Dr. Al-Mashat took part in a high-level roundtable discussion entitled “Delivering in a Fragile World.” This session featured prominent figures such as Annaliese Dodds, UK Minister for International Development, Anna Bjerde, Managing Director of Operations at the World Bank, and Abebe Aemro Selassie, Director of the African Department at the International Monetary Fund.

 

Al-Mashat stressed overcoming regional and international challenges requires close cooperation between local and international governments, as well as non-governmental organizations and civil society, and this cooperation can be demonstrated through the exchange of knowledge and expertise, and strengthening partnerships between the public and private sectors.

 

The Minister reviewed a set of proposals to support countries in achieving sustainable development. These proposals include enhancing international cooperation through a strategic framework that includes all stakeholders, including governments, development partners and non-governmental organizations, to achieve sustainable development goals. This is in addition to establishing effective partnerships between the public and private sectors to provide financing and develop development projects. These partnerships can contribute to enhancing economic growth and improving the standard of living, in addition to exchanging knowledge and expertise. This enables countries to benefit from the successful experiences of other countries and enhances the ability to face challenges more effectively.

Women’s Leadership: Empowering Future Generations Through Gender Equality

 

In addition to her discussions focused on economic and climate challenges, H.E. Dr. Al-Mashat attended a breakfast event centered on “Women’s Leadership” during the World Bank Annual Meetings. This gathering featured influential female leaders and heads from various international finance institutions, including the President of the European Investment Bank and the Managing Director of the World Bank Group.

 

In her remarks, Dr. Al-Mashat underscored the Egyptian government’s continuous efforts to empower women and enhance their representation in leadership positions across various sectors. H.E. also highlighted several programs and initiatives aimed at fostering gender equality.