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  • Sunday, 21 April 2024

During the Spring Meetings of the International Monetary Fund and the World Bank in Washington ... Dr. Rania Al-Mashat, Minister of International Cooperation, discusses advancing bilateral cooperation with the United Kingdom, the Netherlands & CEO of the Global Climate Finance Center (GCFC)

· International applause  for Egypt’s efforts at the level of economic and structural reform

· Egyptian-British discussions to enhance food security efforts, climate financing, and push economic reforms

· Dutch Minister of Trade: Many Dutch companies want to learn about the investment opportunities available in Egypt

During the spring meetings of the International Monetary Fund and the World Bank, which were held in Washington, DC, Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank, held a number of bilateral meetings with representatives of governments, international institutions, and development partners.

The United Kingdom

Dr. Rania Al-Mashat, Minister of International Cooperation, met with H.E. Andrew Mitchell, British Minister of Development, where the two sides discussed joint cooperation efforts in light of the measures implemented by the Egyptian state at the level of economic and structural reform. In this regard, the British Minister applauded the government’s success in completing the program agreement. with the International Monetary Fund, stressing that the United Kingdom supports what Egypt is doing in this regard.

The Minister of International Cooperation stressed the integration of the efforts of development partners, represented by the European Union, the World Bank Group, and the United Kingdom, by supporting the government’s economic and structural reforms that enhance the participation of the private sector as a major actor in development efforts, so that it becomes the largest contributor to achieving development. It supports the country's vision of achieving comprehensive and sustainable growth. H.E. also thanked the British Minister for the support provided by the United Kingdom to Egypt within the framework of the Development Policy Financing Programme, which is implemented with the World Bank.

The meeting discussed future cooperation with the British side in the field of food security, in addition to the ongoing coordination to contribute to the implementation of the energy pillar within the national platform of the “NWFE” program, and to enhance energy security and climate action efforts in Egypt. In the same context, discussion of the ongoing cooperation through the Climate Action Accelerator (CFA) was supported by the British side with a grant worth €10 million to provide technical support to companies and projects in various areas of climate action, of which 8 companies were graduated within the framework of the first batch of the accelerator. The two sides discussed future cooperation with the British Export Finance Corporation and the possibility of organizing a workshop to learn about the services provided by the institution.

The Netherlands

The Minister of International Cooperation met with H.E. Liesje Schreinemacher, Minister of Foreign Trade and Development Cooperation of the Netherlands, where the two ministers discussed ways to enhance joint cooperation. They also discussed the current situation in terms of the economic challenges surrounding developing and emerging countries around the world, and geopolitical developments in the Middle East region and their impact. on development efforts. In addition to discussing preparations for the Green Hydrogen Summit in Rotterdam next May.

The meeting touched on preparations for holding the COP29 climate conference, and the ongoing efforts to promote climate action globally. The Dutch Minister also stressed the importance of Egypt’s recent economic and structural reforms, and the impact of this on the economic situation and investments, explaining that there are many Dutch companies that would know more on the advantages available in the local market and the investment opportunities available.

The Minister of International Cooperation invited the Dutch minister to participate in the investment conference scheduled to be held in cooperation between Egypt and the European Union during next June, noting that the government pays great attention to the private sector and its role in achieving development and seeks in the coming period to increase its participation in development activities to lead the achievement of growth and provide job opportunities.

Global Climate Finance Center

Dr. Rania Al-Mashat, Minister of International Cooperation, met with Ms. Mercedes Villa-Montserrat, CEO of the Global Climate Finance Center (GCFC), which was launched during the COP28 climate conference in the United Arab Emirates, and is headquartered in  Abu Dhabi, with the aim of accelerating climate finance globally and promoting innovation through joint work between various relevant parties, focus on the private sector, and capacity building.

The Minister of International Cooperation explained the necessity of targeting the GCFC on national platforms as a main pillars for activating climate action in emerging countries, especially since it was one of the recommendations confirmed by the reports issued during the COP28 climate conference, as well as by the G20, noting that Egypt launched the National Platform for Green Projects, the “NWFE” program, as a practical application of the national platforms aimed at stimulating climate investments and enhancing countries’ commitment to implementing their Nationally Determined Contributions (NDC).

During the meeting, the CEO of the Center reviewed its goals to activate climate financing in the countries of the African continent, enhance efforts to disseminate risk reduction tools, and activate carbon markets, explaining that the Center is still in the stage of preparing a clear vision for work and forming the advisory council, and it is also enhancing cooperation with the World Bank and the International Monetary Fund, and other international and other parties to advance climate action efforts globally.

Women Political Leaders Foundation

The Minister of International Cooperation met with Silvana Koch-Mehrin, met with the CEO of the Women’s Political Leaders Foundation, where she stressed the importance of the efforts undertaken by the Foundation to empower women and promote equal opportunities for men and women. The measures and efforts undertaken by Egypt to enhance women’s participation in development efforts were also reviewed in various fields.