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  • Friday, 26 May 2023

During the Annual Meetings of the African Development Bank (AfDB) in Sharm El-Sheikh: Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Meets US Treasury, Djibouti’s Economy Minister , VP of Citibank & Director of the African Legal Support Facility (ALSF)

● Al-Mashat discusses ongoing measures to develop the role of the World Bank and multilateral development banks to enhance their support for emerging markets with the representative of the US government.

● Examining the Egyptian-US relations in light of the implementation of energy projects within the NWFE program.

● Al-Mashat discusses enhancing joint cooperation with the Minister of Economy of Djibouti through South-South cooperation.

● Discussions of bilateral cooperation with the ALSF and discussing efforts to enhance the role of the private sector in development with Citibank

Within the framework of H.E.’s bilateral meetings with multilateral and bilateral development partners, at the 58th African Development Bank (AfDB) meetings in Sharm El-Sheikh, the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat held a number of bilateral meetings to strengthen economic relations with development partners.

Egyptian-US Relations

Al-Mashat met with Alexia Latortue, Assistant Secretary for International Trade and Development, where the two discussed ways to strengthen joint Egyptian-American relations, and the ongoing efforts to develop multilateral financing institutions to enhance their ability to support development efforts in developing countries. and emerging economies.

The meeting discussed the Egyptian-US relations to support the energy pillar within the Nexus for Water, Food and Energy platform, the NWFE program, the issuance of the political declaration by Egypt, the United States and Germany during COP27, and the US  pledges to strengthen the energy pillar to stimulate the country's efforts in shifting towards a green economy.

In this regard, Latortue referred to the importance of the NWFE program as a model that can be replicated in developing countries and emerging economies, in addition to discussing efforts to enhance food security through bilateral partnerships.

The two sides discussed the ongoing measures to develop the role of the World Bank, where they agreed on the importance of these efforts in order to build resilience and support development and growth efforts and in turn develop more effective solutions to end extreme poverty and enhance common prosperity by promoting sustainable, resilient and comprehensive development. This is in line with the bank's main message, which coincides with the selection of a new president for the World Bank Group (WBG).

Al-Mashat pointed to the ongoing efforts, as well as the upcoming summit to be held in Paris next month on the “New Global Financial Pact ”, which aims to strengthen the financial capacity of developing countries and emerging economies, as well as promote the development of the private sector in low-income countries and eventually encourage investment in green infrastructure, and mobilize innovative financing for countries most vulnerable to climate change.

H.E. also stressed the importance of cooperation with the US in strengthening south-south and triangular cooperation for exchanging expertise and enhancing technical support to benefit from development experiences in Egypt, pointing out that in light of the joint political declaration issued at COP27, work is underway to terminate the debt swap program with the German side within the framework of making finance available for the implementation of the energy pillar of the program and mobilize blended funds that stimulate the participation of the private sector in implementing projects.

The Minister stated that Egypt is working with development partners to enhance south-south cooperation, and the ongoing efforts to transfer Egyptian expertise in launching the NWFE program to African countries, and enhance technical support, pointing out that the European Bank for Reconstruction and Development (EBRD) and the WBG are seeking to expand the scope of their work in Africa, and to enhance these efforts, Egypt serves as a gateway to the continent.

It is worth noting that Egyptian-US relations at the economic level have witnessed great development since 1978, with cumulative investments recording about $30 billion. The ongoing portfolio of development cooperation with the United States Agency for International Development (USAID) since 2014 records about $1 billion, and during the past year, grants worth $160 million were signed in several priority sectors, including education, higher education, health, economic governance, trade, investment and climate action, in addition to a climate initiative worth $15 million.

Minister of Economy of the State of Djibouti

In another context, Al-Mashat met with the Minister of Economy in charge of Finance in the State of Djibouti and the Governor of Djibouti at the AfDB, Ilyas Moussa.  During the meeting, they reviewed  Egypt’s portfolio of international cooperation and development financing, which includes projects in various development sectors with multilateral and bilateral development partners, pointing out that the country is working on developing cooperation strategies and updating them every five years with development partners based on the country ownership and national priorities.  

Al-Mashat noted that Egypt has historical relations with various multilateral and bilateral development partners, and is working to increase cooperation, stressing the country’s endeavor to enhance south-south cooperation and expertise exchange within the continent.

Discuss joint cooperation with the African Legal Support Facility

Al-Mashat met with the Director of the ALSF, Olivier Pognon, where they discussed how the facility is working to provide legal support and consultations for green hydrogen projects in Egypt. Future cooperation projects were also discussed in light of its role based on providing legal advice and technical support for projects implemented in the infrastructure and energy sectors, for the government and private sectors. 

Vice President of Citibank

Al-Mashat met with the Vice President of Citibank, Jay Collins, where they discussed ongoing cooperation in promoting equitable climate financing, mobilizing private sector investment, and providing innovative financing to implement projects of the NWFE program, through joint cooperation with multilateral and bilateral development partners.