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  • Friday, 14 April 2023

With the participation of the US Secretary of the Treasury, the President of the World Bank and Representatives of Member States, Minister of International Cooperation & Governor of Egypt at the World Bank H.E. Dr. Rania A. Al-Mashat Participates in High-Level Roundtable on Multilateral Development Bank Evolution

● The challenges facing the world place a great responsibility on the multilateral development banks to achieve integration and stimulate climate action and development.

● A roadmap for the development of the World Bank's role is an opportunity for developing and least developed countries to actively participate in shaping the bank's work approach and financing framework to become more equitable and inclusive.

The Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG) H.E. Dr. Rania A. Al-Mashat, participated in the high-level round table organized by Janet Yellen, United States Secretary of the Treasury, on developing the role of the World Bank, the largest multilateral development bank, with the participation of David Malpass, President of the WBG, finance and development ministers from Brazil, France, Germany, India, Indonesia, Congo, Japan, South Africa, the United Arab Emirates and Uruguay, as well as the executive directors of the World Bank.

The roundtable discussion looked into the roadmap for the development of the role of the WBG, its operations and resources, and to enhance its role in facing development efforts and the complex challenges facing the global economy in the current period. It is a review of the bank’s vision and mission, a review of the operating model, and an exploration of options to enhance financial capacity. During the meeting of the Development Committee in the current Spring Meetings, a paper will be prepared on proposals related to the group's vision, mission and plan in order to crystallize and discuss them at the upcoming annual meetings in Morocco.

In her speech, Al-Mashat said that the evolution roadmap for developing the role of the World Bank is a practical opportunity for developing and least developed countries, especially within the African continent, to participate effectively in formulating the bank’s work approach and financing framework to become more just, comprehensive and resilient in the face of crises. To that end, it would enable the achievement of the Sustainable Development Goals (SDGs), ensure prosperity, eradicate poverty and strengthen the role of the private sector.

H.E. indicated that in light of the challenges facing the world, there is a greater role and huge responsibility that rests with the multilateral development banks, to achieve integration and synergy, enhance the ability to stimulate climate action, achieve comprehensive development, and address challenges through ambitious strategies based on the priorities of all nations.

Al-Mashat stressed the importance of developing and strengthening the role of the World Bank in supporting countries to achieve the SDGs through their country strategies and priorities related to the needs of each country, explaining that achieving consensus among member countries and relevant parties is crucial to reach an agreement on developing the role of the bank before the annual meetings in Morocco.

The Minister also stressed that the structural reforms being discussed by the bank require a process of comprehensive and constructive consultations to reach consensus on how to direct development financing efficiently and effectively to meet the challenges facing member states. H.E. noted that the world is facing comprehensive challenges not only in terms of climate change and health crises, but also when it comes to food and energy security, scarcity of water resources, high debt levels, and in the digital transformation.

Moreover, H.E. called for the World Bank to support countries in facilitating access to finance and to simplify their tools to achieve maximum development results, reduce the cost of financing, achieve higher efficiency, and push for innovation and effective and sustainable, impactful investment. 

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank & IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.