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  • Wednesday, 06 September 2023

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Met CEO of JPMorgan Chase&Co in Egypt and a Group of International Investors

  • Al-Mashat reviews development financing to stimulate the private sector from multilateral and bilateral development partners.
  • The NWFE program enhances the participation of the private sector in priority projects in the water, food and energy axes through blended financing.

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, met with the CEO of JP Morgan Chase&Co in Egypt, Mrs. Soha Ali, and a group of international investors and investment fund officials. 

During the meeting, ways of enhancing joint cooperation were discussed within the framework of the role played by JPMorgan to enhance investments and financial services and provide solutions that enhance development goals. The meeting also witnessed a review of development financing to stimulate private sector participation in development.

Al-Mashat also reviewed the framework for international cooperation and development financing and the role that the Ministry plays in strengthening economic relations with multilateral and bilateral development partners and international and regional institutions, pointing to the importance of the role that international banks can play in order to stimulate sustainable development efforts by encouraging investments and stimulating efforts to transition to a green economy.

They discussed global economic developments and their impact on emerging economies and developing countries, and the need to enhance multilateral cooperation and combine the efforts of financial institutions, the private sector, and non-profit organizations with governments to stimulate efforts to implement sustainable development goals, fulfill climate pledges, and provide fair financing.

Al-Mashat touched on the details of the Nexus for Water, Food and Energy platform, the NWFE program’s projects, pointing out that this is a model to be followed by developing countries and emerging economies to stimulate climate investments and provide projects that attract investments in the areas of mitigation and adaptation to climate change, and to enhance private sector investment in priority projects in the water, food and energy sectors through blended financing. The meeting further discussed ways of cooperation with JPMorgan in light of efforts to mobilize funds to implement the program’s projects.

H.E. pointed to government efforts aimed at promoting comprehensive and sustainable economic development by moving forward with economic reforms and advancing efforts to empower the private sector due to its key role in achieving development, by increasing its contribution to economic activities.

For her part, Mr. Soha Ali, Executive Director of JPMorgan Chase&Co in Egypt, stressed the bank’s commitment to its business in Egypt and strengthening the relationship with the government, financial institutions and companies to enhance economic development efforts and stimulate private sector investments.