• The platform aims to direct additional capital, expand the scope and impact of development, mobilize funds for mega projects, and reduce the burdens on beneficiary countries.
• “Al-Mashat”: Egypt has implemented the concept of joint cooperation platforms between international financial institutions so that more than one development partner contributes to financing investment projects in human capital and sustainable infrastructure.
Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, participated in the high-level event to launch the joint financing platform between 10 multilateral development banks, which is a new joint financing platform to direct additional capital to expand the scope and impact of development, and advance efforts across the financing landscape to mobilize more funds for development projects around the world, as part of the activities of the spring meetings of the International Monetary Fund and the World Bank.
The global co-financing platform includes a digital co-financing portal to create a secure platform for registered co-financing entities to identify projects ready for financing. This mechanism, hosted by the World Bank, will increase efficiency and transparency and make it easier for multilateral development banks to exchange information and identify co-financing opportunities.
In her speech, the Minister stressed the importance of joint financing between development partners to help implement huge projects that require large amounts of financing, as well as mobilizing funds for developing and emerging countries, pointing out that this requires the availability of clear visions and strategies by countries and bankable projects.
The Minister indicated that Egypt has worked, through the framework of international cooperation and development financing, to involve development partners in many projects despite the different governance frameworks and standards for each development partner, and among those projects is comprehensive health insurance, in addition to launching national strategies with various projects and partners in accordance with the country's priorities, strategies and development plans.
The platform also includes a joint financing forum, which will provide a space for participants to discuss joint financing opportunities, best practices, and common issues. This forum will support ongoing efforts to coordinate policies and reduce burdens on partner countries. For countries, the new platform will reduce administrative burdens and transaction costs, and will improve financing coordination in line with their priorities, thus increasing development impact.
This includes: The African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group participated in its launch.
This included the participation of Mr. Akihiko Nishio, Vice President of the World Bank for Development Finance, and Ms. Anshula Kant, Director General of the World Bank, participated in the event, as well as Mr. Danny Alexander, Vice President of the Asian Infrastructure Investment Bank, and the Head of the French Development Agency, Remy Rioux, and other multilateral development bank officials.
To explore the platform: www.cofinancing.org
Development Committee
Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt to the World Bank, participated in the 109th Ministerial Meeting of the Development Committee, which is a forum at the ministerial level of the World Bank Group and the International Monetary Fund, to build consensus on international development issues. The committee includes 25 members from different countries and countries that are members of the International Monetary Fund and the World Bank.
The committee discussed procedures for developing the ongoing role of the World Bank to ensure mobilization of financing for developing and emerging countries, in light of the economic crises they face in light of the repercussions of the COVID-19 pandemic and geopolitical challenges, and the role that developed countries must play in this regard.
During the committee's work, the Bahraini Minister of Finance, Sheikh Salman bin Khalifa Al Khalifa, delivered a speech on behalf of Egypt, Bahrain, Iraq, Jordan, Kuwait, Lebanon, the Maldives, Oman, Qatar, the Emirates, and Yemen.
In his speech, the Bahraini Minister stressed that while the region is gradually recovering from the repercussions of the COVID-19 pandemic and its profound economic and social impacts, the recent geopolitical conflicts and their repercussions have significantly hampered this recovery. The ongoing war in Gaza, in addition to other outstanding crises, has contributed to the exacerbation of poverty, inequality, unemployment, and the slowdown in economic growth, to varying degrees, in many countries of the region.
He stressed that the strong support and engagement of the World Bank Group, through knowledge, financing and technical assistance, is critical to help address these challenges, including the repercussions of the influx of refugees from Syria and other countries.