Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania Al-Mashat, participated in the Development Committee (DC), a ministerial-level forum of the World Bank Group and the International Monetary Fund, representing 189-member countries of the World Bank Group and the International Monetary Fund for intergovernmental consensus-building on development issues.
During the meeting, the committee discussed laying the foundations for a resilient recovery, as the COVID-19 pandemic has resulted in the largest global economic contraction that was never witnessed since eight decades, affecting all economies and causing a substantial decrease in investments, trade and remittance flows; threatening the lives and livelihoods of all groups in society. The committee commended the World Bank Group and the International Monetary Fund for their prompt response to the pandemic, and urged continuous work with member countries, the public and private sectors, local and bilateral development partners, and other international organizations. The committee noted that the World Bank Group has implemented financing projects worth $45 billion in the last quarter of the fiscal year 2020 related to the COVID-19 pandemic, with operations being carried out through the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation and the Multilateral Investment Guarantee Agency (MIGA). Additionally, the committee expressed its support for the World Bank Group's focus on health, social and economic responses, noting that the group plays a critical role in responding to major global challenges, and that through cooperation in rebuilding stronger and better, countries can fulfill their mission of ending poverty and boosting shared prosperity. The committee stressed the importance of finding an effective COVID-19 vaccine as it is the world's most promising path to safely reopen the economy. In this regard, the World Bank has announced plans to provide up to $ 12 billion to developing countries to purchase and distribute vaccines when they are made available. The next meeting of the Development Committee is scheduled to be held on April 10, 2021 in Washington, DC. Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania Al-Mashat, participated in the World Bank’s meeting for Governors of Arab countries with Mr. David Malpass, World Bank Group President, in which she called on international institutions to adopt ‘blended financing’ in order to merge public and private funds to mobilize private capital flows to emerging and frontier markets. Earlier, the President of the World Bank Group, Mr. David Malpass, praised Egypt's response to the COVID-19 pandemic, and said that Egypt allocate d100 billion pounds to finance a comprehensive plan for economic recovery and implement precautionary measures to protect the population from the virus. The current cooperation portfolio between Egypt and the World Bank Group amounts to about $8 billion, divided into $ 5.8 billion for the International Bank for Reconstruction and Development, and $2.2 billion for the International Finance Corporation's investments in Egypt.