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  • Saturday, 18 May 2024

In the presence of the President of the European Bank, the Vice President of the World Bank, the Vice President of the European Investment Bank, the Vice President of the Asian Investment Bank, and the Assistant Secretary of the U.S. Treasury

• "Al-Mashat" participates in a high-level session on integration between multi-lateral development banks.

• Minister of International Cooperation: Climate action has become a common factor among all international institutions.

• Countries are required to create the appropriate environment to achieve integration and collaboration between multi-lateral development banks.

• Egypt has solidified the concept of partnership between banks and international institutions in many projects.

During the annual meetings of the European Bank for Reconstruction and Development held in Armenia, Dr. Rania Al-Mashat, Minister of International Cooperation and Egypt's Governor at the European Bank, participated in several high-level events, including a session on integration between multilateral development banks.

The Minister of International Cooperation participated in a high-level session on integration among multilateral development banks, which was attended by Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), Mr. Axel van Trotsenburg, World Bank’s Senior Managing Director responsible for Development Policies and Partnerships, Mr. Thomas Östros, Vice President of the European Investment Bank (EIB), Mr. Bhargav  Dasgupta, Vice President of the Asian Development Bank (ADB), and Ms. Alexia Latortue, Assistant Secretary for International Trade and Development, U.S. Department of the Treasury.

The session explored the mechanisms of cooperation among multilateral development banks and the opportunities to enhance this cooperation. In her speech, Dr. Al-Mashat noted that we are seeing more opportunities for cooperation among multilateral development banks at this time, and we are also seeing that climate action has become a common factor among all institutions at this time. She stressed that in light of the challenges and crises facing the world in various aspects, and the desire to achieve the 2030 Development Agenda, it is necessary to see a practical application of this integration.

Dr. Al-Mashat emphasized the role that the state can play in setting priorities and creating partnerships that achieve this integration, and that Egypt is working on this through its relationship with various development partners in implementing projects in many sectors. Therefore, we see projects that are being implemented jointly by the European Bank, the World Bank, the European Union, and others, and this model is repeated in various sectors.

Al-Mashat pointed out that we see the concept of integration between multilateral development banks and bilateral partners in Egypt through the Team Europe initiative, which is implemented within the framework of financing and implementing many projects in partnership between Germany, France, the European Bank, the European Investment Bank, and other institutions and bilateral partners.

Dr. Rania explained that there should be a commitment from multilateral development banks to achieve this integration, but at the same time, countries must be able to prepare and provide the appropriate environment to successfully achieve this.

She also touched on the efforts of multilateral development banks to develop their business model, and the World Bank Group's discussion of its roadmap for the anticipated reforms, which includes a major part on trilateral cooperation. We also see this at the European Bank. From this perspective, activating this on the ground is of utmost importance to highlight the positive developments taking place in many countries and to share the necessary expertise and knowledge with other countries.

Al-Mashat emphasized that the integration between multilateral development banks enhances the concept of exchanging expertise and sharing knowledge, especially in light of the multiplicity of initiatives being implemented by each international institution.

Dr. Rania also stated that the system of the multilateral development banks can be a major support for the private sector to stimulate it to increase investments, which will enable it to drive growth, create more job opportunities, and encourage investments in various sectors. She pointed to the unified platform of guarantees that the World Bank is working to launch as part of the development plan, which doubles the investments and guarantees provided by it and the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).