Minister of Planning, Economic Development and International Cooperation, Egypt's Governor at the Arab Fund for Economic and Social Development and the BADEA Participates in the Annual Meetings of Arab Financial Institutions in Kuwait

Al-Mashat:

 

Arab economic integration represents a strategic pillar in facing the intertwined challenges witnessed by the world and the region.

Egypt has presented a pioneering model in the sound utilization of development financing to implement strategic projects that serve citizens and enhance economic stability.

 The necessity of coordinating Arab positions in international forums to advance efforts to develop the global financial system.

Encouraging partnerships between the public and private sectors and facilitating the movement of trade and intra-Arab investments enhances the ability of countries to face challenges.

 

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the Joint Annual Meetings of the Arab Financial Institutions, held today in the State of Kuwait. The delegation of the Arab Republic of Egypt, included also H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, H.E. Dr. Ahmed Kouchouk, Minister of Finance, and H.E. Mr. Alaa El-Din Farouk, Minister of Agriculture and Land Reclamation. The meetings witnessed high-level participation from ministers of finance, economy, and international cooperation from various Arab governments, and heads of Arab financial institutions.

 

The joint annual meetings of the Arab financial institutions include the meeting of the Board of Governors of each of the Arab Fund for Economic and Social Development, the Arab Monetary Fund (AMF), the Arab Bank for Economic Development in Africa (BADEA), and the Arab Authority for Agricultural Investment and Development (AAAID), in addition to the meeting of the Council of Shareholders of the Arab Investment & Export Credit Guarantee Corporation, the meeting of the Supervisory Board of the "Bader" Fund, and the meeting of the Council of Arab Ministers of Finance.

 

 

 

H.E. Dr. Rania Al-Mashat participated in the meetings of the Board of Governors of both the Arab Fund for Economic and Social Development and the Arab Bank for Economic Development in Africa in her capacity as the Governor of the Arab Republic of Egypt at these institutions, in addition to the meeting of the Council of Shareholders of the Arab Investment & Export Credit Guarantee Corporation.

 

H.E. Dr. Rania Al-Mashat pointed out that the meetings discuss the future of Arab financial and economic cooperation, the future directions of financial policies in the region, and the efforts of Arab financial institutions in supporting the Sustainable Development Goals (SDGs) and developing financing tools in line with regional and global economic transformations.

In addition to extensive discussions on ways to stimulate investment in Arab economies, enhance financial sustainability, and review the experiences of Arab countries in the areas of digital transformation, public debt management, tax developments, and enhancing energy security, as well as adopting future development plans in light of joint efforts to achieve the Sustainable Development Goals in line with increasing global challenges and changes in the international financial landscape.

 

H.E. Dr. Rania Al-Mashat commended the pivotal role of Arab financial institutions in formulating effective development strategies and supporting development efforts in member states. H.E. noted that the current challenges underscore the need to adopt flexible and innovative working models based on knowledge exchange and directing investments according to sustainable development priorities, and Arab economic integration, which represents a strategic pillar in facing the intertwined challenges witnessed by the world and the region.

 

The Minister of Planning and Economic Development and International Cooperation also highlighted that Egypt continues, through its Sustainable Development Strategy Vision 2030, to deepen its cooperation with Arab financial institutions, stemming from its belief in the importance of regional economic solidarity and affirming its leading role in supporting development efforts in the Arab region. This is achieved through the exchange of experiences, the development of innovative financing models, and the creation of more effective mechanisms for achieving integration and inclusion. H.E. stressed that Egypt presents a pioneering model in benefiting from development financing to implement strategic projects that serve citizens and enhance economic stability.

 

H.E. Minister Al-Mashat pointed out the necessity for the strategies of Arab financial institutions to take into account geopolitical changes and structural shifts in the global economy, particularly with regard to fluctuations in supply chains, climate finance, and digital transformation. 

 

The Minister emphasized the importance of coordinating Arab positions in international forums in a way that enhances the ability of Arab economies to influence the global development agenda and advance efforts to develop the global financial system.

 

H.E. Dr. Al-Mashat affirmed that encouraging partnerships between the public and private sectors and facilitating the movement of trade and intra-Arab investments will have a significant impact on creating a more integrated and resilient economic environment, capable of facing challenges.

 

The meetings are being held this year amidst accelerating global economic changes and increasing challenges in food security, energy, and financing facing the region. They address the most prominent current issues of concern to Arab economies, foremost among which are ways to enhance the resilience of Arab financial systems in the face of crises, expand innovative development financing mechanisms, and support investment in green and digital transformation, in addition to intensifying Arab integration efforts and strengthening partnerships with international institutions.

 

The meetings will witness the award ceremony of the Sheikh Abdlatif Y. Al-Hamad Development Award in the Arab World, which Egypt has won twice consecutively in the last two years for the South Helwan Power Plant project in 2022 and the Bahr El-Baqar Wastewater Treatment Plant project in 2023.