Minister of International Cooperation: We need a more flexible and inclusive financial system to accelerate the implementation of sustainable development goals in Africa
Annual meetings discuss integration between multilateral development banks and private sector empowerment initiatives in Africa
Dr. Rania Al-Mashat, Minister of International Cooperation and Alternate Governor for Egypt at the African Development Bank, participates in the Bank's annual meetings held in the Kenyan capital "Nairobi" under the theme "Africa's Transformation, the African Development Bank Group and Reforming the Global Financial Architecture," where the meetings discuss the Bank's commitment and determination to create a fair financial world to drive sustainable development and climate action, especially in Africa.
The annual meetings come at a time when African countries are showing resilience in facing a challenging global and regional economic environment. 15 African countries have recorded production expansions exceeding 5%. The African Macroeconomic Performance and Outlook 2024 Report by the Bank indicates that Africa is expected to remain the fastest-growing region in the world after Asia, with 11 out of the 20 fastest-growing economies in the world this year located in Africa.
Minister of International Cooperation said that the African Development Bank's annual meetings are an extension of the global discussions since the beginning of this year, at the Spring Meetings of the International Monetary Fund and the World Bank, to reform the global financial structure, in light of the serious challenges facing the world, especially the African continent, and the financial constraints and the continent's need for more financing to achieve Agenda Africa 2063 and the Sustainable Development Goals 2030. International reports indicate that Africa needs $1.3 trillion annually in order to meet its sustainable development needs by the end of this decade in 2030, which confirms the need for a more flexible and inclusive international financial system to accelerate the pace of implementation of sustainable development goals.
The Minister of International Cooperation is scheduled to participate in a number of active discussions organized by the African Development Bank, in addition to holding bilateral meetings with bank officials and development partners such as the Asian Infrastructure Investment Bank.
The meetings also discuss the role of multilateral development banks as key players in efforts to transform the continent. The African Development Bank plays a key role in responding to the call of the Independent Expert Group of the G20 to fundamentally rethink the role and functions of multilateral development banks.
The African Development Bank Group is seeking "better" cooperation between multilateral development banks to create multi-year strategies instead of individual programs, while calling for "bolder" strategies and "greater" ambitions to increase funding.
The African Bank is a major development partner for Egypt. Since its establishment, the African Development Bank has contributed to financing a number of important development projects in various sectors through the development financing, grants, and technical assistance it provides. The bank has provided more than $7 billion in development financing to finance 115 operations, including more than $1 billion to finance 24 private sector operations.
It is worth noting that in light of strengthening Egypt's relations with multilateral and bilateral development partners, the Minister of International Cooperation recently participated in the annual meetings of the European Bank for Reconstruction and Development in Armenia. She also hosted the annual meetings of Arab financial institutions, as well as "International Finance Corporation Day in Egypt." Her Excellency also participated in the Spring Meetings of the International Monetary Fund and the World Bank in Washington.