● "Al-Mashat" applauded the success of the initiative to reallocate Special Drawing Rights between the bank and the International Monetary Fund, providing more resources for the African continent.
● Discussions on increasing mechanisms for private sector financing through the "Hub for Advisory, Finance & Investment for Enterprises" platform and monitoring efforts to mobilize climate investments for the "NWFE" program
● President of the African Development Bank: Egypt is a strategic partner for the bank and has a lot of constructive experiences to share with other countries"
H.E. Dr. Rania Al-Mashat, Minister of International Cooperation and Alternate Governor for Egypt to the African Development Bank Group (AFDB), held a bilateral meeting with Dr. Akinwumi Adesina, President of the AfDB, during the annual meetings held in the Kenyan capital, Nairobi.
The two sides discussed areas of joint cooperation, including the bank's participation in the implementation of projects of the national platform for the "NWFE" program, as it is the leading development partner in the water pillar. The Minister of International Cooperation also discussed the ongoing efforts with the bank to enhance structural and economic reforms in Egypt through financing development policies, and the follow-up on the launch of the African Economic Outlook report, which was launched by the bank during the meetings, and empowering the private sector through the "Hub for Advisory, Finance & Investment for Enterprises" platform for financial and technical support for the private sector.
At the beginning of the meeting, the Minister of International Cooperation thanked the President of the AfDB for organizing the 59th session of the bank's annual meetings in Kenya, and congratulated him on the adoption of the bank's new strategy for the next ten years, and the launch of the Economic Outlook report for the continent.
Al-Mashat also applauded the approval of the International Monetary Fund (IMF), on the initiative proposed by the African Development Bank and the Inter-American Development Bank to redirect the IMF's Special Drawing Rights through multilateral development banks, which will enable the two banks to mobilize more resources that are directed to countries to finance development projects and climate projects.
Al-Mashat highlighted the AfDB’s role over the past 60 years as a supporter of efforts by African countries to achieve development and face crises. The Minister also commended its partnership with Egypt, which began in the 1970s and contributed to providing concessional development financing and technical support for many areas of development, including water and sanitation, sustainable infrastructure, renewable energy and transport, and supporting and encouraging entrepreneurship and the private sector.
Moreover, the Minister of International Cooperation reviewed the measures that the government has begun to take since last March and the implementation of an economic and structural reform program to strengthen macroeconomic stability, pointing to the efforts being implemented with development partners to finance the development policies program in a way that enhances the competitiveness of the economy and improves the business environment, and builds the resilience of public finances in the face of shocks, and supports the green transition.
Additionally, the Minister of International Cooperation highlighted the "Hub for Advisory, Finance & Investment for Enterprises" platform for financial and technical support for the private sector, which was launched by the ministry at the end of last year, indicating that it is an integrated and comprehensive platform for all financial and non-financial services provided by development partners and tenders, which enhances the benefit of large, emerging, small and medium-sized enterprises.
The discussions also touched on strengthening joint cooperation to support development efforts by enhancing coordination between the AfDB and the World Bank. They also followed up on the ongoing measures to implement projects of the water pillar within the "NWFE" program, and the role of the bank as the main development partner to mobilize investments and mixed financing and grants to implement the projects included in the water pillar within the program, which enhances the implementation of the National Climate Change Strategy 2050 and the Nationally Determined Contributions (NDCs).
For his part, the President of the AfDB expressed his appreciation for the partnership with Egypt and the bank's keenness to move forward to finance more projects that reflect the achievement of development. Dr. Akinwumi also pointed out the importance of Public-Private Partnership projects (PPPs) and that Egypt has many successful models in this framework that can be shared with African countries. He also confirmed that Egypt has succeeded over the decades through its partnership with the bank in implementing many water treatment projects, which has provided an opportunity for many countries to replicate those development models.