● The Minister of International Cooperation emphasized the Government of Egypt’s appreciation for the role of Arab financial institutions in supporting development efforts.
● H.E. Dr. Rania A. Al-Mashat: “Egypt has had long-standing strategic partnerships with Arab financial institutions, which has led to many constructive models for development projects.”
● The Sinai Peninsula Development Program is one of the most prominent examples of development cooperation between Egypt and Arab development funds, worth $9 billion.
● The Arab financial institutions and development funds were actively engaged in the first edition of the Egypt - International Cooperation Forum (Egypt - ICF).
● The current global challenges have highlighted the continued role of Arab financial institutions to support member states in development efforts.
The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat participated in the Annual High-Level meetings with Arab Financial Authorities and Institutions in Jeddah, Saudi Arabia, held under the patronage of the Custodian of the Two Holy Mosques. The meetings also included the participation of Tarek Amer, the Governor of the Central Bank of Egypt; H.E. Dr. Mohamed Maait, the Minister of Finance in Egypt; and high-level representatives such as Ministers of Finance, Economy, and International Cooperation from different Arab countries.
H.E. Dr. Rania A. Al-Mashat participated as a representative of the Government of Egypt, and as the governor of Egypt to the Arab Fund for Economic and Social Development (AFESD), the Arab Investment & Export Credit Guarantee Corporation, and the Arab Bank for Economic Development in Africa (BADEA). The meetings come within the framework of the strategic economic relations between Egypt and Arab financial institutions.
The high-level annual meetings also included the AFESD, Arab Investment & Export Credit Guarantee Corporation, BADEA, the Arab Monetary Fund (AMF), and the Arab Authority for Agricultural Investment and Development (AAAID).
In the meeting, Al-Mashat emphasized the positive support given by Arab financial institutions and funds, and also expressed the Government of Egypt’s appreciation for the role the aforementioned institutions had played in ensuring strengthened cooperation and in financing many development projects. The Minister also referred to their support in economic and social development programs, which accelerate progress towards the Sustainable Development Goals in the Arab region, while also stimulating joint economic cooperation in addressing development efforts.
Al-Mashat also added that Egypt has had long-standing strategic partnerships with Arab financial institutions, since their establishment, which allowed for financing through development cooperation, dedicated to different development projects, across vital sectors such as electricity, energy, transportation, health, housing, water, higher education, scientific research, and agriculture. The Minister elaborated that, despite the challenges posed by the COVID-19 pandemic in the last 2 years, these partnerships continue to exist, and are supported by flexible policies and proactive plans prepared by both Egypt and the financial institutions.
Al-Mashat stated that one of the most prominent examples of constructive partnerships that took place between the Egypt and Arab financial institutions is the Sinai Peninsula Development Program. This was implemented in cooperation with the AFESD, the Kuwait Fund for Arab Economic Development (KFAED), and the Saudi Fund for Development (SFD); worth $9 billion. This program represents a unique development experience in Sinai, where some of its projects have received international awards, such as the Al Mahsama Water Reclamation Plant; a project that has received development financing from the SFD. This water project in particular was named the Best Global Recycling and Water Use Project of 2020 by Capital Finance International.
Moreover, the Bahr El-Baqar wastewater treatment plant, which was selected by the Engineering News-Record to be the “2021 Global Project of the Year”, and also holds the Guinness World Record as the largest wastewater treatment plant in the world; treating 5.6 million cubic feet of water per day, was implemented with development financing from the AFESD and KFAED.
Al-Mashat also referred to the participation of many representatives of Arab financial institutions in the first edition of the Egypt - International Cooperation Forum (Egypt - ICF), held under the patronage of H.E. President Abdel Fattah El-Sisi on September 8 and 9, 2021 in Cairo. During the forum, the various panels and workshops spotlighted the role of international partnerships in promoting sustainable development efforts.
Moreover, Al-Mashat applauded the joint work with the Arab financing institutions and their participation in several multi-stakeholder platforms that the Ministry had held in the past 2 years, strengthening the Government of Egypt’s vision and maximizing development cooperation with multilateral and bilateral development partners.
The Minister stressed that the current global challenges have highlighted the continued role of Arab financial institutions to support member states in development efforts.
Al-Mashat expressed her confidence in the ability of Arab funds to continue their supportive role for member countries, especially in times of crises, motivated by their executive teams that include the best financial and economic cadres in the Arab region, in order to formulate quick action plans, reflecting agility in the face of challenges. The Minister also emphasized the Government of Egypt’s commitment to continue supporting the institutions in carrying out their role.
It is worth noting that Egypt participates in the capital of Arab financial institutions and entities, as it is one of the countries that contributes the most to the AFESD with a capital of 183.2 million Kuwaiti dinars, also contributing to finance SMEs in Arab countries with a value of $20 million, and with the Arab Investment & Export Credit Guarantee Corporation with a value of 1.9 million Kuwaiti dinars.